Pre-open Tuesday 15th December
ES found support just above 1108 early in the session on Monday – this is the important level near term being the poc of the trading range that began nearly five weeks ago. The top of that range (above 1115, see chart) has been attracting Responsive Selling and ES has probed above that level again overnight – currently printing back at 1109.
Dayframe: Bearish is the strength today in the dollar (see EURUSD chart) and bullish is the fact that Rydex Bear funds assets saw a large increase yesterday to hit a 26 day high (contrarian).
