Russell 2000 all time high – Pre-open report Friday 18th November
The Russell 2000 has reached a new all-time-high this week, and the S&P 500 is printing close to its own all time high registered in August.
Please read previous comments. The last three Value Areas have been generated entirely above 2159.50, the 6month poc, which is encouraging and Aggressive Buying (gree-at-top) was marked this week. ES has to hold this level to maintain a strong price location. Momentum and breadth have improved on the Pulse chart.
First Level Support = 2159.50 (now 6month poc)
Second Level Support = 2106.50 (1/2R off August high)
Major poc = 2087.00
Stocks>50dyma numbers: Nyse 61% (from 59%), Nasdaq 67% (from 65%), R2000 74% (from 73%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was lower again at 5.6, down from 7.59 on Tuesday as the market has rallied. That’s usually bullish in the ST. On 08/26 the ratio reached 7.90, the highest ratio for the last ten months.
Supporting Charts
see today’s video
click graphic to enlarge
