posted 08.44 a.m. est
pre-open comment Monday 18th November
SPY closed the week above Mon-Wed Hi-Lo Range which indicates Buyers Active on this timeframe.
ES: Last week I marked Significant Buying three times and no Significant Selling with all five Value Areas being printed above the 1758.50 poc. The weekly bar was higher so this is Effective Buying on the longer timeframe.
Stock Index ETFs: Momentum (PriceOsc) turned back up for SPY, DIA and IWM and would ddo so today for QQQ with a strong close.
Some LT Sentiment measures showed further increase in worryingly high optimism (see eBook) but as long as ES holds above 1758.50 it is in a strong price location.
ST Support = 1758.50 (45dy poc)
LT Support = = 1685.50 poc
Breadth: CP Market timing System turned positive (from negative) for Nyse and Nasdaq, turned neutral (from negative) for R2000 and remained negative for UK.
Stocks>50dyma numbers: Nyse 70%, Nasdaq 61%, R2000 63%, UK 67%. Numbers >50 are considered supportive.
Sentiment: My version of the Rydex Assets Ratio ended the week at 4.28. The ratio reached as high as 5.43 at the market May high and as low as 2.15 on 07/10 (which was the lowest ratio since January 2012). VIX closed at 12.19 on Friday, the lowest close since early August.
Supporting Charts
Bonds TLT: currently in a weak price location below 106.31, the 8mn poc. Momentum is negative and down.
Gold GLD: currently in a weak price location below 126.11, the 1/2R off June low. Momentum is negative and down.
Oil USO: Remains in a weak price location below 34.13, the 3yr poc. Momentum (although negative) has turned up.
Dollar Index: The last ten days have been spent back in a stronger price location above the important level at 80.15.
EURUSD: Is currently printing time back above 1.3416 (1/2R off 2010 low) which is encouraging for the Bulls.
