posted 9.29 a.m. et
Pre-open comment Wednesday 30th November
ES spent most time on Tuesday at 1196 which is the 8month poc but pre-open today has spiked as high as 1234.50. All four major index ETFs are now printing above the levels given in this week’s eBook and are therefore in a stronger price location.
%Stocks>50dyma numbers are still below 50 but that is very likely to change today if the market closes strong.
Note I have not yet marked Significant Buying (green).
With today’s rally, the 1/2R levels off this year’s high now come back into play. Can Charts can hold above these levels this time?
First Level Support = ES 1214.50 (1/2R off May high) SPY =122.30
Second Level Support = ES 1196 (poc) SPY 119.45 (poc)
Sentiment: My version of the Rydex Assets Ratio was down slightly to 1.69 (from 1.73). Last Friday’s ratio at 1.61 which was a 32 day low.
Supporting Charts (+ or – or ? for equities). (Momentum = PriceOsc)
? EURUSD: Still in a weak position below the 1.3635 poc but Momentum has turned up.
? Dollar Index: Still in a strong position above the 77.05 poc but Momentum has turned down.
? TLT: Still in a strong position above the 116.34 poc but Momentum has turned down.
Bias for equities is unclear imo.
