posted 8.41 a.m. est
Pre-open comment Friday 26th November
Wednesday session high came in at 1197, just above the Resistance given which was the 1196.50 minor poc. Pre-open today ES has printed as low 1182.50.
First Level Resistance moves to 1195 which is now the 15day poc.
First Level Support = 1178 (4month poc)
If ES prints time below this support it will indicate further weakness.
Dayframe: Long trades still eliminated for me (most recent imbalance was red). That would change if Effective Buying is marked above 1195.
LT Sentiment: AAII Bulls% up from 40 to 47.4 and %Bears down from 32.5 to 27.9.
ST Sentiment: On Wednesday my version of the Rydex Assets Ratio was up from 2.08 to 2.20. The ISEE (equity only) index closed at 248, the highest since the early November price high and the fifth reading above 200 within the last six days. The OEXcall% 10day ma again fell to a new 6month low (often considered a smart-money indicator).
Supporting Charts –
– EURUSD: important chart. Printed a new 45day low today. Price Osc down for fourteen consecutive days.
– UDX: also an important chart. Printed a new 45dy high today. Price Osc up for fourteen consecutive days. 80.15 is a major 1/2R – chart currently prints above this level.
? TLT: Trying to consolidate above the 95.33 poc and yesterday printed a ten day high.
imo these charts still have a negative bias for equities.
