posted 8.35 a.m. est
Pre-open comment Monday 7th November
The Chartprofit Market Timing System stayed positive for all US Market Charts. UK went back to neutral.
Dayframe: Overnight ES has probed up towards Resistance at 1249. The 30dy poc migrated higher last week to 1224. First sign of weakness at the start of this week is ES printing time below this level.
Resistance (minor) = 1249 (min 1/2R)
Support (major) = 1214.50 1/2R off May high (SPY 122.30)
Sentiment: Mixed. The shorter term measures indicate recent enthusiasm which is not usually supportive in the ST, but longer term indicators are not far off their lows and would most likley hit bearish extremes (contrarian bullish) again pretty quickly if the market sold off. The OEX_Calls%_10dyma (often considered a smart-money indicator) is interesting at the moment. It reached a a six month high at the recent market low. It is now heading lower.
Supporting Charts (+ or – or ? for equities).
? EURUSD: has now broken back below the 1/2R off May 2008 high which is an important level at 1.3965 but found Support at the 1.3635 poc.
? Dollar Index: back above the major level at 76.27 (1/2R off the May low). In the ST strength would be indicated if chart can hold above the 77.05 min poc.
? TLT: above the 4mnth poc at 112.13 but below the minor 1/2R off Oct high.
imo in the ST we cannot get a useful idea of bias for equities from these charts.
