25 Nov
Pre-open eMini S&P 500 Morning Report
Posted in Pre-open Analysis by Bob English at 9:48:34 1 CommentThe Precise Take – ES attempting to punch through to new highs ahead of holiday
Leaders Analysis: Only the weak US Dollar seems to agree with equities strength, as 30 Year T-Bonds have broken through resistance and the EuroYen is trading under its 200 day moving average. However, with the shortened week and many professionals already gone, correlations can stay unhinged until Monday, when we expect a reckoning.
Medium Term Analysis: The ES is trading higher off the 8:30 am reports and we would be surprised not to see a material run higher into Friday’s abbreviated session. The Time Profile for today and Friday (not pictured due to time constraints) has a bullish bias for each 30 minute time period throughout the days except for the final 30 minutes on Wednesday and the subsequent Friday, when there appears to be profit taking.
Trading Today: The area from 1107.00 to 1108.25 that includes yesterday’s high, weekly R1 and the daily R1’s should serve as support. Below that, and we would still…
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