Pre-open comment Wednesday 9th November
Please note that my circumstances today dictate I write this at 5am ET. Market could look very different by 9am. ES currently 1251 as I write.
I marked Aggressive Buying again on Tuesday – late in the day. On three out of the last four days I have marked Aggressive Buying (green-at-top) which is usually constructive. Even in this extreme market volatility those green-at-top highs have subsequently been tested as I would expect but overnight ES is printing down close to Tuesday’s low which once again makes a test of yesterday’s high look unlikley as I write. However I have to assume higher until Significant Buyers are marked again. The 10dy poc migrated higher to 1256 – potential intraday Resistance if ES opens below this level.
Depending on where ES Opens – here’s the levels:
1st Level Resistance? = 1256 (10dy poc)
1st Level S/R? (minor) = 1249 (min 1/2R) (125.46 SPY)
2nd Level Support = 1224 (35dy poc) (121.35 SPY)
ST Sentiment: My version of the Rydex Assets Ratio was down slightly to 2.87 from Mondya’s 2.96 which was a 65dy high. This enthusiasm by the Rydex retail traders may become a problem if the ratio pushes higher.
