S&P 500 emini pre-open Friday 14th November

posted 09.17 a.m. est

See previous highlighted comments. Thursday’s session generated another overlapping Value Area. Following a rejection of price above 2040 early in the session

Dayframe: Support was found at 2028, the v minor poc mentioned yesterday. This ST proven Support is the level to watch for first sign of weakness in the dayframe.

In the longer term major charts are in strong price location but Momentum (PriceOsc), although positive, is now down for all four major stock ines ETFs and see Sentiment, below.

ES First Level Support = 2009.00 (min poc)
ES Second Level Support = 1962.00 (6mn poc Dec contract)

Stocks>50dyma numbers: Nyse 67% (from 69%), Nasdaq 62% (from 64%), R2000 70% (from 74%). Numbers >50 are supportive.

Sentiment: My version of the Rydex Assets Ratio reached 10.48 which is the highest in my database. Historically this has been a warning for the market.

Supporting Charts: UNCHANGED
Bonds TLT: spiked violently higher recently to a two year high followed by a sharp reaction from there. But as long as chart holds above 117.14 (maj poc) it is in a strong price location in the LT.
Dollar Index: has printed a new four year high today.
Gold GLD: Last week printed its lowest level since April 2010.
Oil USO: has today printed its lowest level since 2009.
EURUSD:Last week printed a new two year low. There is Support at 1.2300