posted 9.21 a.m. est
Pre-open comment Wednesday 1st December
Intraday support at 1178 early on Tuesday was looking positive for ES until late in the session saw a decline back to the same level.
Pre-open today ES has probed as high as 1191.75 with the dollar a little weaker.
Long trades are still eliminated for me (most recent imbalance was red). That would change if Effective Buying is marked above 1188.50.
1178 attracted more time yesterday and the poc of various minor timeframes have migrated to this level.
Therefore I’m using 1178 as First Level Support,
1/2R off the November low, 1188.50 (dashed) as First Level S/R and
1/2R off November high, 1197.75 (dashed) as First Level Resistance.
The 4month poc support at 1178 has been probed in five out of the last ten sessions but has held which looks encouraging for ST Bulls but I will wait for Significant Buyers to be marked before changing even my ST stance.
ST Sentiment: My version of the Rydex Assets Ratio was up from 2.1 to 2.7.
Supporting Charts –
? EURUSD: important chart. Price Osc down for seventeen consecutive days and has now printed below the 1/2R off the June low.
Big question – can EURUSD consolidate back above this level?
– UDX: also an important chart. Printed a new 50dy high yesterday. Price Osc up for seventeen 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: Held above the 95.33 poc for nine days.
imo these charts still have a negative bias for equities.
