Pre-open comment Wednesday 8th December
Pre-open Monday I gave 1220 as the First Level S/R which proved to be the low of the session and yesterday I gave 1222 as First Level Support which again was the session low. Support from First Level S/R is usually a positive.
However I had to mark Responsive Selling (red-at-top) from 1235 on Tuesday which means ST Long trades are eliminated for me until Significant Buyers are marked again even though yesterdays Selling was Ineffective Selling (Value Area was higher and wider).
Effective Selling below 1222 would turn me negative and looking to short but not before.
First Level Support 1222 (minor poc)
ST Sentiment: My version of the Rydex Assets Ratio was up from 2.1 to 2.6 as Bear Fund assets that I follow were down more than 13%.
Supporting Charts –
+ EURUSD: currently prints above the 1/2R off the June low at 1.3087
+ UDX: currently prints (just) 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 but watching the Dollar Index closely.
