posted 9.29 a.m.
Pre-open Tuesday 9th November
Three days of consolidation at higher level with poc at 1218. No Buying Imbalances marked – Responsive Sellers have had an opportunity here which they have not yet taken.
First Level S/R: 1218 (9dy poc)
More important Support: 1178 poc
ST Sentiment: My version of the Rydex Assets Ratio was higher at 2.49 (the highest since early May). The ISEE (equity only) index closed at 242 – the last five days have all been above 200.
Supporting Charts
– USDJPY: consolidating near the recent lows.
? EURUSD: Most important chart to watch imo. Earlier today chart printed a new 7day low and then rallied back up to test the Major 1/2R at 1.3965. Currently it prints just below that level.
? UDX: New low for 2010 last week for the dollar index. No major reference level close. Watch EURUSD.
+ TLT: chart still in weak location with confirmed lower high and lower low.
imo these charts do not have an obvious ST bias for equities.
