posted 9.29 a.m. et
Pre-open comment Friday 2nd December
ES spent most time on Thursday printing close to and developing the 1244 poc. Overnight has printed as high as 1262.75 but the VAH on more than one timeframe comes in at 1258 suggesting that ES may find it difficult to make progress above that level without some consolidation first.
First Level S/R = ES 1244 (50dy poc) SPY = 124.10
First Level Support = ES 1214.50 (1/2R off May high) SPY =122.30
Second Level Support = ES 1196 (poc) SPY 119.45 (poc)
Sentiment: AAII (public poll) reported both Bulls and Bears up slightly. Bulls to 33% and Bears to 39.4% which gives a nett of -6.4, an eight week low.
My version of the Rydex Assets Ratio was higher at 2.45 (from 1.94). This was due to Bear Fund Assets that I follow being down 19.5% rather than any increase in Bull Fund Assets.
Supporting Charts (+ or – or ? for equities). (Momentum = PriceOsc)
? EURUSD: Still in a weak position below the 1.3635 poc but Momentum has turned up. It is worth noting that considering the rally in equities over the last few days this chart has responded very much.
? Dollar Index: Still in a strong position above the 77.05 poc but Momentum has turned down.
? TLT: So far this chart has just about managed to hold above the 116.34 poc. Momentum has turned down.
Bias for equities based on these Supporting Charts is unclear imo.
