Pre-open comment Wednesday 28th December
The 2month VAH at 1265 was closely approached during Tuesday’s session and again overnight. Has not been exceeded yet. If ES prints time above this level it would be ST Bullish. See note below re TLT.
Dayframe: Overnight the 30dy poc migrated higher to 1256 and subsequently provided Support. First indication of weakness in the ST would be this level failing to provide further Support.
First Level Resistance = ES 1265.
First Level Support = ES 1256 (30dy poc)
Second Level Support = ES 1244 (75dy poc)
SPY =125.44
Sentiment: My version of the Rydex Assets Ratio was lower, at 2.08 (from 2.11). The recent high was at 2.96 (11/07) and the recent low at 1.61 (11/25).
Supporting Charts (+ or – or ? for equities). (Momentum = daily PriceOsc)
? EURUSD: weak position. Printed an eleven month low last week.
? Dollar Index: pre-open prints below 80.15 (just below), the 1/2R off the 2008 low.
– TLT: the 10month poc recently migrated higher to 117.88 and could possibly provide Support here for a higher low? Key Chart
imo these are unclear re ST bias for equities.
