Pre-open Thursday 11th November
After an early probe lower ES spent most of the session rallying. Even so, the Value Area was overlapping/lower.
The cumulative poc of this higher range is still 1218 and that remains First Level S/R. 1212 has been an attractive level and time spent there or below may migrate the poc lower which would be ST bearish.
Important Support: 1178 poc
dayframe: the Value Area Low of the minor distribution off the high is at 1107.5. If ES prints time below that level and is not quickly auctioned higher then I would expect Thursday’s low to be tested.
ST Sentiment: My version of the Rydex Assets Ratio was down from 2.79 (the highest since early May) since 2.54.
Supporting Charts
? USDJPY: highest level for a month on Wednesday.
– EURUSD: Most important chart to watch imo. On Wednesday the chart printed a new 26day low. Currently printing at the bottom of the range that began early October and below the Major 1/2R at 1.3965
– UDX: Attempting to rally last five days. 3month poc at 77.28. Currently prints above that level.
? TLT: chart has confirmed lower high and lower low but reached support on Wednesday at the maj poc at 95.33.
imo these charts have a slightly negative ST bias for equities.
