S&P 500 emini pre-open Wednesday 19th November

S&P 500 emini pre-open Wednesday 19th November

posted 09.08 a.m. est

See Monday’s highlighted comments. No Significant Buying marked for eight days but no Significant Selling has been marked since the mid-October low. First minor sign of weakness would be price printing back below 2035.00 (minor poc). Price itself is the most important indicator but Momentum (PriceOsc), although positive, remains down for all four major stock index ETFs and Rydex ratio is at extreme levels (see below).

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

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

Sentiment: My version of the Rydex Assets Ratio was again little changed at 10.62. 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