S&P 500 emini pre-open Tuesday 18th November

posted 07.52 a.m. est

See yesterday’s highlighted comments. Monday’s session generated yet another Value Area between 2030-2040. ES 2035.00 is the minor poc and Effective Buying marked above or Effective Selling marked below this level will likely mark the ST direction.

Note that Momentum (PriceOsc), although positive, is now down for all four major stock index ETFs and see Sentiment, below.

ES First Level S/R = 2035.00 (min poc)
ES Second Level Support = 1962.00 (6mn poc)

Stocks>50dyma numbers: Nyse 68% (unch), Nasdaq 61% (from 63%), R2000 69% (from 70%). Numbers >50 are supportive.

Sentiment: My version of the Rydex Assets Ratio was little changed at 10.89. Friday’s ratio at 10.96 is the highest in the database. Historically this has been a warning for the market.

Supporting Charts:
Bonds TLT: spiked violently higher in October 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: recently reached its lowest level since April 2010 but rallying a little off that low. In the LT it is still in a weak price location below the 119.87 maj poc.
Oil USO: last week printed its lowest level since 2009.
EURUSD: recently printed a two year low. There is Support at 1.2300