S&P 500 emini pre-open Tuesday 25th November

posted 08.45 a.m. est

ES printing 2071 post-open would negate any ST negative implications of Friday’s red-at-top high and pre-open ES has exceeded that level. First sign of weakness would be price printing below 2035.00. The negatives are divergences between price and daily breadth indicators and the increasing bulls seen in the Sentiment data, below.

Dayframe: in the very minor timeframe the 6dy poc moved to 2065.50 and may be useful to monitor intraday.

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

Stocks>50dyma numbers: Nyse 76% (from 75%), Nasdaq 67% (from 63%), R2000 73% (from 69%). Numbers >50 are supportive.

Sentiment: My version of the Rydex Assets Ratio showed little change at 11.78. Friday’s ratio at 11.97 is the highest ratio in the database. Historically this has been a warning for the market.

Supporting Charts:
Bonds TLT: chart remains in a strong price location as long as it holds above 117.14 (maj poc).
Dollar Index: printed a four year high on Monday.
Gold GLD: recently reached its lowest level since April 2010 but is 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 chart printed its lowest level since 2009.
EURUSD: is today printing close to the two year low set earlier in the month. There is Support at 1.2300