posted 9.28 a.m. est
Pre-open comment Wednesday 24th November
pre-open yesterday >>If ES is weak then 1188.50-1189.50 would be the obvious area of Resistance today. That’s the 1/2R off last Tuesday’s low and the 6dy poc.<<
During Tuesday’s session that level was never approached but pre-open today ES probed up and tested it without too much rejection (as of 15minutes before open).
Tuesday generated a narrow VA centred around the 4month poc at 1178.
Dayframe: At these levels although I still cannot consider long trades (most recent imbalance was red) I will not consider new shorts if ES is above 1188.50.
First Level S/R = 1188.50 (1/2R off recent low).
Next Level Resistance =1196.50 (November poc)
First Level Support = 1178 (4month poc)
ST Sentiment: My version of the Rydex Assets Ratio was up slightly (again) from 2.06 to 2.08 and the ISEE (equity only) index closed at 221 which is the fourth day above 200 out of the last five . There’s no panic here. Meanwhile the OEXcall% 10day ma fell to a new 6month low (often considered a smart-money indicator).
Supporting Charts –
– EURUSD: Most important chart to watch imo. Printed a new 45day low today. Price Osc down for twelve consecutive days.
– UDX: Printed a new 40dy high today. Price Osc up for twelve consecutive days. 80.15 is a major 1/2R. High today so far 80.
? TLT: Trying to consolidate above the 95.33 poc and yesterday printed a ten day high.
imo these charts still have a negative bias for equities.
