S&P 500 emini pre-open Thursday 13th November

posted at 04.28 a.m. est

Wednesday’s session generated another overlapping Value Area. Volume was higher but still well below the 20day average. See Tuesday’s highlighted comments. Overnight ES has printed above 2040. I have still not marked a Reaction from the Significant Sellers who have now been absent for twenty two days. Buyers have stalled here, if Sellers are not marked soon Buyers will resume.

Dayframe: the nine day poc at 2028 provided Support on Wednesday and may be a uesful level to monitor in the ST.

ES First Level Support = 2009.00 (min poc)
ES Second Level Support = 1962.00 (6mn poc Dec contract)

Stocks>50dyma numbers: Nyse 69% (unch), Nasdaq 64% (from 62%), R2000 74% (from 72%). Numbers >50 are supportive.

Sentiment: My version of the Rydex Assets Ratio was almost unchanged at 9.25. Last week the ratio reached 10.00 and there are only six ratios above 10 in the database, the highest being 10.47 on 07/29. The ratio has risen fast indicating the public have moved strongly back into the market. We need to watch this closely.

Supporting Charts: UNCHANGED
Bonds TLT: spiked violently higher recently to a two year high followed by a sharp reaction from there. But as long as chart holds above 117.14 (maj poc) it is in a strong price location in the LT.
Dollar Index: printed a new four year high on Friday.
Gold GLD: Last week printed its lowest level since April 2010.
Oil USO: Last week printed its lowest level since May 2009.
EURUSD:Last week printed a new two year low. There is Support at 1.2300