posted 9.20 a.m. est
pre-open comment Thursday 29th November
On Wednesday Buyers Responded (green-at-bottom) early in the session to an Open below the major poc at 1397. Aggressive Buying was also marked (green-at-top). This eliminates new short trades for me at least until Significant Selling is marked again. Yesterday’s Buying was all marked below the 1408 poc but pre-open ES prints above that Resistance which now becomes First Level Support. If Significant Buying is marked above 1408 it would indicate further strength. Price location has also improved for SPY and IWM with both printing above their 1/2R Resistance (see Monday’s comments). Pre-open DIA and QQQ have printed up to their equivalent Resistance but not yet above. That would be a positive as would %Stocks>50dyma numbers printing back above 50. Nyse is close but another strong day today would likely get those numbers above the critical 50 level.
First Level Support = 1408 (6mn poc)
Sentiment: My version of the Rydex Assets Ratio was almost unchanged at 2.93. On Friday 16th Nov the ratio reached 2.57 which was the lowest since 7th June.
Supporting Charts (+ or – or ? for equities). Momentum = daily PriceOsc
+ EURUSD: Key Chart. Stronger price location today back above 1.2917, the 1/2R off Sep high.
? Dollar Index: Key Chart. At the end of last week stalled at 80.15 Support but today is printing very slightly below that level. Time below 80.15 would indicate further weakness.
? TLT: Key Chart. At the end of last week stalled at the 123.96 poc Support. Time below this level would indicate further weakness. Currently chart is printing above this level but below the 1/2R at 125.13.
Hoping to see a clearer bias for equities in these charts soon.
