Technical analysis – Market pre-open 10th November 2015
Monday saw some further weakness (see yesterday’s highlighted comments) and the Support at 2063.00 was tested. This level could be intraday Support or Resistance today. Significant Selling (red) has not been marked (for eighteen days) that would be a further ST negative, especially below 2063.00
Key Charts: IWM closed below 118.0, the 1/2R off this year’s high. UK FTSE100 closed below its key level which is 6445.50.
Second Level Resistance = 2095.00 (12mn poc)
First Level S/R today = 2063.00 (5mn poc)
Stocks>50dyma numbers: Nyse 62% (from 67%), Nasdaq 61% (from 65%), R2000 62% (from 68%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was almost unchanged at 8.33. Friday’s 8.39 was a 55day high.
Supporting Charts:
Copper looks set to test the August low.
Bonds TLT: lower again on Monday to its lowest level since July. Momentum (PriceOsc) is down and negative. Major Time Support at 117.14.
Dollar Index: sharply higher on Friday and printed its highest level since April.
Gold GLD: looks set to test the July low. Momentum (PriceOsc) is negative and down.
Oil USO: closed below the 14.28, the 1/2R off the August low, in a weak price location.
EURUSD: printing below 1.11 (1/2R off this year’s low) in a weak price location.
