posted 9.20 a.m. est
pre-open comment Friday 7th December
Thursday generated an inside Value Area on low Volume. High of the session came in at our First Level Resistance. On a 30minute basis the major poc (and 50dy poc) migrated to 1406 and now price relative to that level is important. Following jobs data released today ES has printed as high as 1422.25 pre-open, therefore the 1406 is First Level Support.
First Level Support = ES 1406 (maj poc)
%Stocks>50dyma numbers: Nyse 56% and Nasdaq 45%. Numbers >50 are supportive so this is mixed.
Price location. QQQ and XLK (tech) relatively underperforming and printing below their 1/2R. Other index ETFs are printing above their 1/2R.
1/2R levels: SPY 141.40; IWM 81.55; DIA 130.45; QQQ 65.95; XLK 29.48
Sentiment: My version of the Rydex Assets Ratio was almost unchanged at 3.21. 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: Wednesday’s high at 1.3126 briefly tested the poc Resistance at 1.3117 – chart failed at this level in September and again in October. If there is a weak Close today Momentum will turn down.
? Dollar Index: Chart now prints back above 80.15 which is stronger price location. A strong Close today and Momentum will turn up.
+ TLT: pre-open is printing below the 125.50 poc Resistance.
bias for equities: mixed and unclear in ST.
