Technical analysis – Market pre-open 30th November 2015
The shortened week was spent consolidating and no Significant Buying or Selling was marked. Last week the 5mn poc migrated to 2087.00, close to the maj poc at 2094.00. Price relative to these levels will be a good guide to strength/weakness. Thirty minutes pre-open today ES is printing between these two levels.
Potential area of S/R is 2087.00 (5mn poc) to 2094.00 (maj poc)
Second Level Support = 1971.00 = 1/2R off this year’s high
Market Charts: Nyse stayed neutral, Nasdaq stayed positive, R2000 turned positive, UK stayed negative.
Stocks>50dyma numbers: Nyse 64%, Nasdaq 63%, R2000 67%, UK 59%. Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio ended the week at 7.35. On 11/11 the ratio reached 8.41 which was a 57day high.
Supporting Charts:
Bonds TLT/IEF : TLT probed the Resistance at 121.40 last week but did not print above this level. IEF, the 7-10 yr ETF, recently found Support at 105.00 it’s maj poc Support, and has rallied. Good chart to monitor.
Dollar Index: is today printing its highest level since the March high.
Gold GLD: printed a new five year low on Friday. Very weak price location.
Oil USO: I need to see USO printing above 14.28, the 1/2R off August low before considering the loing side.
EURUSD: is currently printing at the lowest level since April.
