Pre-open comment Thursday 3rd November
ES has so far held 1/2R Support at 1214.50 but I have not marked Significant Buying since the Selling three days ago. The LT analysis still looks supportive but Buyers active on this timeframe would give more confidence.
1st Level Support = 1231 (minor poc)
2nd Level Support = 1214.50 1/2R off May high (SPY 122.30)
Dayframe: the minor 1/2R off October high at 1249 may be a useful level to monitor for intraday S/R.
ST Sentiment: My version of the Rydex Assets Ratio was up slightly at 2.90 which is a 60day high. Rydex traders are becoming increasingly Bullish.
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) but below the minor level which is 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.
