Pre-open comment Friday 19th November
Thursday – ES printed up to the minor 1/2R (off last week’s high) at 1198. Consolidation above that level would put ES in a stronger price location but that has not happened yet.
First Level S/R = 1198
First Level Support = 1178 (4month poc)
LT Sentiment: AAII Bulls% down from 57.6 to 40 and Bears up from 28.5 to 32.5. Nett down from 29.1 to 7.5.
ST Sentiment: My version of the Rydex Assets Ratio was down again from 2.34 to 2.00 but the ISEE (equity-only) index came in with a high number yesterday of 224 and also 223 on Wednesday.
Supporting Charts –
– EURUSD: Most important chart to watch imo. Attempting to rally last three days. On Monday the chart printed its lowest level since late September.
– UDX: Currently trying to consolidate a breakout above the mid/late October highs.
? TLT: Currently trying to consolidate above the 95.33 poc.
imo these charts still have a slight negative bias for equities.
