Pre-open comment Wednesday 5th January
Overnight ES has printed as low as 1255.75, not as low as the 30day poc support at 1254. ES printing value below 1254 would indicate further weakness in the ST. I will assume higher until that happens.
First Level Resistance = 1265.0 (minor poc)
First Level Support = 1254.0 (30day poc)
ST Sentiment: My version of the Rydex Assets Ratio was higher at 3.25.
Supporting Charts
Dollar rallying today against most currencies. GLD and USO have broken below important levels.
+ EURUSD: Well off yesterday’s fourteen day high and may test 1.3087, the 1/2R off the June low.
+ UDX: Has rallied overnight and pre-open is testing the resistance at 80.15, the major 1/2R.
+ TLT: printed a 5day low today and still consolidating below the 95.33 maj poc.
imo these charts currently have a positive bias for equities but this would change quickly if the critical levels (as detailed) were broken.
