posted 08.54 a.m. est
pre-open comment Monday 25th November
Friday closed above Mon-Wed Hi-Lo range which indicates active Buying on the weekly timeframe.
Last week I marked Significant Selling three times early in the week and Significant Buying twice later in the week. Buyers remain in control of the dayframe, see Friday’s highlighted comments. The minor (13day) poc is now at 1789 and may be Support in the ST but currently only Significant Selling marked below 1758.50 would have negative implications for the longer timeframe.
First Level LT Support = 1758.50 (45dy poc)
Second Level LT Support = = 1685.50 poc
Breadth: The CP Market Timing system turned neutral (from positive) for Nyse, remained positive for Nasdaq, turned positive (from neutral) for R2000, and remained negative for UK.
Stocks>50dyma numbers: Nyse 66%, Nasdaq 62%, R2000 66%, UK 57%. Numbers >50 are considered supportive.
Sentiment: My version of the Rydex Assets Ratio ended the week at 4.94. Thursday’s ratio at 5.2 was the highest since it reached 5.43 at the market May high.
Supporting Charts
Bonds TLT: Last week reached its lowest since the August low and very close to that level.
Gold GLD: pre-open today has reached its lowest level since early July. Momentum is negative and down.
Oil USO: Has consolidated for three weeks in a weak price location below 34.13, (3yr poc).
Dollar Index: The last three weeks have been spent back in a stronger price location back above the important level at 80.15. Momentum (although positive) is down.
EURUSD: Last week probed, but held Support at 1.3416 (1/2R off 2010 low). Momentum (although negative) is up.
