posted 08.59 a.m. est
pre-open comment Wednesday 20th November
There is no Effective Selling marked on this chart but the most recent imbalance was the (Ineffective) Aggressive Selling on Monday and that red-at-bottom low was tested on Tuesday. In the ST there is a very minor poc at ES 1785 which could be used as a reference level today but may attract more time. See Tuesday’s highlighted comments.
ST Support = 1758.50 (45dy poc)
LT Support = = 1685.50 poc
Stocks>50dyma numbers: Nyse 62% (from 66%), Nasdaq 55% (from 58%), R2000 57% (from 61%). Numbers >50 are considered supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 4.95 (from 4.36). Bear Fund assets that I follow fell 15%, close to a five month low. The ratio itself reached as high as 5.43 at the market May high and as low as 2.15 on 07/10 (which was the lowest ratio since January 2012).
Supporting Charts
Bonds TLT: currently in a weak price location below 106.31, the 8mn poc.
Gold GLD: currently in a weak price location below 126.11, the 1/2R off June low. Pre-open has printed its lowest level since early July. Momentum is negative and down.
Oil USO: Remains in a weak price location below 34.13, the 3yr poc. Momentum (although negative) is up.
Dollar Index: The last fourteen days have been spent back in a stronger price location above the important level at 80.15. Momentum (although positive) is down.
EURUSD: Is currently printing above 1.3416 (1/2R off 2010 low) which is strong price location
