posted 9.28 a.m. est
Pre-open Friday 12th November
Wednesday and Thursday sessions were spent mostly working higher from weaker openings but the Value Areas were lower/overlapping. That is not normally bullish in the ST. Overnight ES has been as low as 1193 but has rallied back as high as 1207.50.
dayframe: The very minor poc from Tuesday’s high migrated lower to 1210 yesterday. That is now First Level Resistance. If ES can build some Value above that level early in the session it would be a minor sign of Strength. Until that happens, and especailly if ES finds resistance at that level I would expect lower.
Important Support: 1178 poc
ST Sentiment: My version of the Rydex Assets Ratio was up slightly from 2.54 to 2.74.
Supporting Charts
? USDJPY: highest level for a month on Wednesday.
– EURUSD: Most important chart to watch imo. After printing a new 30day low overnight there has been a rally. Chart still looks weak though. Major 1/2R at 1.3965
– UDX: Attempt to rally above the late October highs (which would look like breakout) has failed for now. 3month poc at 77.28. Currently prints above that level.
? TLT: chart has confirmed lower high and lower low but reached support on Wednesday at the maj poc at 95.33.
imo these charts have a slightly negative ST bias for equities.
