posted 6a.m. et
Pre-open comment Monday 21st November
Last week I marked Significant Buying once and Significant Selling twice.
Friday closed below Mon-Wed range and below the previous week’s low which is Significant Selling on this timeframe.
The Chartprofit Market Timing System turned neutral for the Nasdaq Market Chart and stayed positive for the Nyse Market Chart. UK stayed negative. Very mixed.
Note the increasingly negative pre-open comments made through last week (highlighted). Overnight ES and SPY are breaking down below the important Support Levels we have been monitoring. New levels come into play – see below.
First Level Resistance = 1214.50 1/2R off May high, (SPY 122.30)
First Level Support ES 1189 (poc – see eBook), SPY 119.45 (poc)
Second Level Support ES 1178.50 1/2R off Oct low, (SPY 118.42)
ST Sentiment: My version of the Rydex Assets Ratio finished the week down at 1.98. The ratio reached 2.96 on 7th Nov which was a 65dy high.
Supporting Charts (+ or – or ? for equities).
– EURUSD: Printed a 28day low last week. Recently broke below the 1.3635 poc putting it back in a weak price location. Momentum down for fifteen days.
– Dollar Index: Printed a 28day high last week. Prints above the major level at 76.27 (1/2R off the May low) and above the 77.05 min poc. Momentum up for fifteen days.
– TLT: Prints above the 5mnth poc at 116.34 and above the minor 1/2R off Oct high at 117.42. Momentum up for fifteen days.
imo these charts have a negative bias for equities.
