posted 9.18 a.m. est
pre-open comment Monday 5th November
On Friday Responsive Sellers (red-at-top) appeared as ES probed 1431.25 (1/2R off Sep high) early in the session. Aggressive Selling (red-at-bottom) was also marked later in the day. Equities pulled back and the dollar rallied (see Friday’s comments above).
Breadth is not supportive for the U.S. Market Charts. The ChartProfit Market Timing Charts stayed negative for Nyse and Nasdaq (UK stayed positive).
%Stocks>50dyma numbers: Nyse 48; Nasdaq 36; UK 69.
Same comment as this time last week “Bulls would hope that 1397 holds as Support (or is recovered quickly on a test) and the %Stocks>50dyma numbers recover back above 50”.
Dayframe: Sellers are still control of the dayframe. The 6mn poc is now at 1408. This could be intraday Support or Resistance today.
First Level Resistance = 1431.25 (1/2R off Sep high)
First Level Support = 1397.00 maj poc
Sentiment: My version of the Rydex Assets Ratio ended the week at 3.59. On 19th Oct the ratio printed 3.33, a 49day low.
Supporting Charts (+ or – or ? for equities).
(Momentum = daily PriceOsc)
? EURUSD: The low today is probing the maj poc Support at 1.2777. Time below this level would be weak price location. Momentum is down.
– Dollar Index: on Friday the chart spiked up to print above 80.15, the proven Resistance and finished the week at 38dy high. Today it is holding this stronger price location.
? TLT: currently prints right in the middle between two major levels. Momentum is up.
note that both the ES and EURUSD charts have reached major poc Support. Time printed below these levels would indicate further weakness.
