posted 9.27 a.m. est
pre-open comment Wednesday 5th December
Tuesday’s session generated a lower, narrower Value Area. No Significant Buying or Selling was marked. Little to add to Tuesday’s comments (highlighted). See also Supporting Charts section below.
First Level Resistance = ES 1413.50 (50dy poc)
Potential intraday S/R = ES 1408 (6mn poc)
First Level Support = ES 1397 (maj poc)
%Stocks>50dyma numbers: Nyse 52% and Nasdaq 45%. Numbers >50 are supportive.
Price location. Monitoring the 1/2R levels as follows: SPY 141.40; IWM 81.55; DIA 130.45; QQQ 65.95. Watch particulary SPY today which is printing just above 141.40 pre-open.
DIA and QQQ print below their important 1/2R but SPY and IWM held their 1/2R. 1/2R levels for the major equity ETFs:
Sentiment: My version of the Rydex Assets ratio was almost unchanged at 3.1. 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: Today’s high at 1.3126 briefly tested the poc Resistance at 1.3117 – chart failed at this level in September and again in October.
+ Dollar Index: Chart now prints below 80.15 which is weak price location.
? TLT: is today testing the band of Resistance between 125.13 (1/2R off July high) and the 125.50 poc.
bias for equities: unclear in ST. If EURUSD fails at Resistance and TLT manages to break higher through Resistance then bias could change quickly.
