Technical Analysis – Market pre-open 6th November 2015
A Value Area printed below 2095 (12mn poc) would be the first sign of weakness. Price relative to this level will be sgnificant post jobs data today. Overnight ES spent most time printing very close to this level. Significant Selling (red) has not been marked for sixteen days.
Key Charts: IWM dipped on Thursday but managed to close above 118.0, the 1/2R off this year’s high. Chart is in a strong price location if it holds this level.
UK FTSE100 closed below its key level which is 6445.50.
First Level S/R = 2095.00 (12mn poc)
Second Level Support = 2063.00 (5mn poc)
Stocks>50dyma numbers: Nyse 71% (from 72%), Nasdaq 65% (from 66%), R2000 68% (unch). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 7.44 which is a 53 day high.
Supporting Charts:
Bonds TLT: closed below 121.40 (12mn poc). Momentum (PriceOsc) is down and negative.
Dollar Index: in a strong price location above 96.50 (1/2R off this year’s high).
Gold GLD: is printing below 108.70, the 1/2R Support off the July low, in a weak price location. Momentum (PriceOsc) is negative and down.
Oil USO: The 1/2R Support off the August low is at 14.28 and USO has to hold this level to remain in a strong price location.
EURUSD: printing below 1.11 (1/2R off this year’s low) in a weak price location.
