Pre-open comment Tuesday 7th December
Pre-open yesterday I gave 1220 (2day minor poc) as the First Level S/R which proved to be the low of the session. Support from First Level S/R is a positive. ES has been strongly higher overnight.
First Level Support 1222 (minor poc)
ST Sentiment: My version of the Rydex Assets Ratio was down from 2.62 to 2.11. There was a surprising increase in the Bear Fund assets that I follow. That is usually ST bullish (contrarian). Tempering that is another high number from the ISEE (equity-only) index which closed at 269.
Supporting Charts –
+ EURUSD: currently prints above the 1/2R off the June low at 1.3087
+ UDX: currently prints below the 80.15 major 1/2R
+ TLT: currently prints below the 95.33 maj poc.
imo these charts have a positive bias for equities.
