posted 9.28 a.m.
Pre-open Friday 27th November
Over last nine trading days I only marked Significant Activity once signifying a lack of directional conviction.
The public got very bullish earlier this week. The Rydex timers and the option buyers were very skewed to the long side.
The SPY and NYA charts recently reached significant overhead resistance levels (1/2 Bear market).
There have been a number of non-confirmations recently. e.g. This month DIA and SPY tested their October highs; the Financials (XLF) and Smallcap (IWM) sectors did not.
AUDUSD chart has broken trendline support off the March low and the EURUSD chart is close to doing the same. Much focus on the dollar. These are charts to watch.
Market will open lower today. Overnight ES has printed as low as 1067 which is just above the 1063/64 poc which now comes back into play. If this level does not support then the Longframe uptrend is under threat. Interestingly the support trendline off the ES (Dec contract) March low comes in around the same level.
