Stock market pre-open 2nd September 2016 – from Chartprofit
Stock market pre-open 2nd September ES analysis: Early in Thursday’s session ES sold down to test the 4mn poc at 2158.50. As per the previous Friday this test was rejected and ES rallied back. Later in the day enough time was spent at 2167.00 to lift the 4month poc to this level. The minor poc at 2177.50 may still provide Resistance and 2058.50 may still provide Support but 2067.00 is now the most important level to monitor and price relative to this level will indicate strength/weakness with the other levels confirming a breakout if ES makes a directional move. As I write we are thirty minutes prior to the realease of the jobs data and ES prints at that level.
potential Resistance = 2177.50
Main Support/Resistance = 2167.00
potential Support = 2058.50
Stocks>50dyma numbers: Nyse 58% (from 60%), Nasdaq 65% (from 66%), R2000 65% (from 66%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was lower at 7.14. A week ago the ratio reached 7.9 which was a seven month high.
Supporting Charts:
Bonds: TLT – for three weeks now chart has found Resistance to every probe above 140.30, the min 1/2R off the July high. Price printing time above this level would be a positive. There is Support at 139.00, the 4mn poc. A break above or below these levels could weel indicate the next directional move.
Dollar Index: has this week probed the Resistance at 96.21 which is the 1/2R off last year’s high. There is Support at 94.76 which is the 4mn poc.
Gold: GLD closed on Wednesday at its lowest level since June. In the LT as long as the chart holds above 118.22 (maj poc) it is in a strong price location.
Oil: USO – on Wednesday USO broke below 10.78, the 18mn poc and is now in a weaker price location.
EURUSD: currently printing back above 1.1170, the 4yr poc. There is also Support lower at 1.1083, 1/2R of last year’s low.
click graphic to enlarge
