posted 9.23 a.m. et
pre-open comment Friday 2nd November
Thursday’s session gapped higher and generated a narrower Value Area on less Volume. Pre-open today ES has probed up into the 1/2R Resistance at 1431.25. Nyse %Stocks>50dyma number is back above 50 which is encouraging; but the Nasdaq number remains below 50. Following the jobs data today both equities and the dollar have moved higher. One or the other will most likely pull back.
In the ST there is improvement and thus far the maj poc at 1397 has held as Support but before I assume higher in the longer timeframe I would want to see the 1/2R levels off the Sep high exceeded for the majority of the equity ETF/indices.
S/R Today = 1431.25 (1/2R off Sep high)
First Level Support = 1407.00 (6mn poc)
Second Level Support = 1397.00 maj poc
Sentiment: My version of the Rydex Assets Ratio was slightly higher at 3.88. On 19th Oct the ratio printed 3.33, a 49day low.
Supporting Charts (+ or – or ? for equities).
(Momentum = daily PriceOsc)
? EURUSD: The chart prints between the two major levels at 1.3117 and 1.2777. Momentum is down. The 1/2R off Sep high is 1.2988. Chart currently prints below that level at a 14dy low.
? Dollar Index: following the jobs data the chart prints above 80.15, the proven Resistance at a 35dy high. Question is can it hold above that level which would be a stronger price location.
? TLT: currently prints right in the middle between two major levels. Momentum is up.
imo determining a bias for equities from these charts is currently difficult.
