- Support at 875, 850 and 818
- Resistance at 912 and 930
- Momentum: Short-term nearing overbought and looks to gap higher this morning. Pullback is to be expected soon.
- Commodities: Oil long term support at $40, ready to bounce (futures up)
CBOE/SPX/NYSE
Priceless Chart and Comments (Priceless as in no price in the graph).
- Put/Call Ratio: Nice steady downtrend off the October highs (lows for the SPX)
- Momentum: Will likely hit overbought today.
- NYSE Tick: This 13 day xma together with some upper/lower zones I've added is showing levels not seen since August. I should note that the market has consistently pulled back shortly after breaching the +200 market.
- Market Thrust: Would like to see this get above the zero line if we are to expect a multi-week uptrend in the market.
It's worth noting that all these indicators display a positive divergence at the Nov low when compared to the October low.
