pre-open comment Thursday 1st November
Wednesday’s session generated yet another overlapping Value Area above the maj poc Support at 1397. In the longer timeframe this chart has not broken down. That would happen if Effective Selling is marked below 1397. Effective Buying marked above 1397 would be encouraging and see also previous highlighted comments.
First Level Resistance = 1431.25 (1/2R off Sep high)
First Level Support = 1407.00 (6mn poc)
Second Level Support = 1397.00 maj poc
Sentiment: My version of the Rydex Assets Ratio was higher at 3.47. On 19th Oct the ratio printed 3.33, a 49day low.
Supporting Charts (+ or – or ? for equities). UNCHANGED
(Momentum = daily PriceOsc)
? EURUSD: The chart prints between the two major levels at 1.3117 and 1.2777. Momentum is down. The 1/2R off Sep high is 1.2988.
? Dollar Index: The proven Resistance at 80.15 was probed again on Friday. That’s the third time in four weeks. Time spent above this level would put the chart in a stronger price location.
? TLT: currently prints right in the middle between two major levels. Momentum turned up late last week.
imo determining a bias for equities from these charts is currently difficult.
