posted 9.29 a.m. est
Pre-open comment Tuesday 30th November
Monday began the week lower, building the 1178 poc. An afternoon rally saw ES higher to Friday’s poc at 1189/90 (dotted) where it met resistance. This level was also the minor 1/2R off the 11/16 low so doubly important.
Pre-open today ES has been as low as 1173.50 with european weakness and stronger dollar.
First Level S/R = 1178 (4month poc)
If ES prints time below this support it will indicate further weakness.
Dayframe: Long trades still eliminated for me (most recent imbalance was red). That would change if Effective Buying is marked above 1190. The area around 1178 has been attracting time (see chart) and that may continue but it could potentially be a level of intraday support or resistance today. If ES struggles to print above this level during the first hour then I would expect further weakness.
ST Sentiment: My version of the Rydex Assets Ratio was unchanged at 2.1.
Supporting Charts –
? EURUSD: important chart. Price Osc down for sixteen consecutive days and has now printed down to the 1/2R off the June low.
Big question – will this level hold?
– UDX: also an important chart. Printed a new 50dy high today. Price Osc up for sixteen consecutive days. 80.15 is a major 1/2R – chart currently prints above this level.
Big question – can Dollar Index consolidate above this level?
– TLT: Has been consolidating above the 95.33 poc and is strongly higher today.
imo these charts still have a negative bias for equities.
