S&P 500 emini pre-open Wednesday 26th November

posted 07.52 a.m. est

On Tuesday ES printed above 2071 which negated any ST negative implications of Friday’s red-at-top high. First sign of LT weakness would be price printing below 2035.00. The negatives are divergences between price and daily breadth indicators and the extreme bulls seen in the Sentiment data, below.

Dayframe: in the very minor timeframe the 7dy poc is at 2066.00 and may be useful to monitor intraday.

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

Stocks>50dyma numbers: Nyse 76% (unch), Nasdaq 68% (from 67%), R2000 74% (from 73%). Numbers >50 are supportive.

Sentiment: My version of the Rydex Assets Ratio reached 12.89 which is the highest in the database. Bull fund assets that I follow are at their highest level. Bear fund assets are approaching the extreme low level which was seen early this year. Historically this kind of measurement has been a warning for the market.

Supporting Charts:
Bonds TLT: chart remains in a strong price location above 117.14 (maj poc) and reached a 26day high on Tuesday.
Dollar Index: printed a four year high on Monday.
Gold GLD: recently reached its lowest level since April 2010 but is 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: printed its lowest level since 2009 on Tuesday
EURUSD: printing close to the two year low set earlier in the month. There is Support at 1.2300