posted 9.13 a.m. est
pre-open comment Wednesday 14th November
Tuesday generated a wider, overlapping/slightly higher Value Area. From the Open there was a rally which faded to the Close. Both Nyse and Nasdaq saw twice as many declining stocks on Tuesday as advancing stocks.
Overnight ES has printed as high as 1381.75 and currently pre-open it is printing below the minor 10dy poc at 1378.50 which could be intraday Support or Resistance today and may give a clue re ST direction.
Key Charts/Levels: Bulls would hope the Support levels hold. imo Time spent below these levels would indicate further market weakness.
SPY 137.22 (12mn poc) – IWM 79.00 (maj poc) – XLK 28.16 (maj poc).
Second Level Resistance = 1408.00 (6mn poc)
First Level Resistance = 1397.00 maj poc
Sentiment: My version of the Rydex Ratio was higher at 3.36. Monday’s ratio at 2.95 was its lowest level since 19th June.
Supporting Charts (+ or – or ? for equities).
(Momentum = daily PriceOsc)
– EURUSD: Currently the chart is printing below 1.2777, the maj poc. This is weak price location. Momentum is down.
– Dollar Index: Chart prints above 80.15, the most important level on this chart. Printed a two month high on Tuesday. This is strong price location.
– TLT: TLT currently prints above 123.96, the 9month poc, which is strong price location. Printed a two month high on Tuesday.
imo these charts have a negative bias for equities.
