Stock market today 28th September 2016 – pre-open from Chartprofit
ES analysis: Tuesday’s session saw an early test of 2135.00 (First Level poc Support) which was immediately rejected, see chart. Reactive Buying (green-at-bottom) was marked and a higher Value Area was generated. This level is now proven Support which indicates that time printed below 2135 would be a first sign of weakness.
First Level Support = 2135.00 = minor (16day) poc
Major poc Support = 2087.00
Pulse Chart: Breadth is neutral but Daily Momentum (PriceOsc) for SPY although still negative ticked back up.
Stocks>50dyma numbers: Nyse 45% (from 44%), Nasdaq 58% (from 55%), R2000 54% (from 53%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 6.92. The ratio reached 7.9 on 08/26, a seven month high.
Supporting Charts:
Bonds: TLT – Last week and this TLT has rallied and approaches the 4mn poc Reisistance at 139.00. Price above this level would be a strong price location.
Dollar Index: The 1/2R off Dec high Resistance is at 96.21. This was probed and rejected last week. Price above that level would put the chart in a stronger position. Support lower at 94.76 (2yr poc).
Gold: GLD rallied last week to test 127.85, the 1/2R Resistance off the July high. This was rejected and chart closed lower on Tuesday. Price above that level would put the chart in a stronger position. The major poc Support is at 118.22 (maj poc).
Oil: USO – On Tuesday closed just above 10.06, the 1/2R Support off Feb low. There is also Resistance at 10.78, the 18mn poc. Price above that level would be strong price location.
EURUSD: the 4yr poc is now at 1.1165 and the chart is currently printing above that level in a strong price location.
click to enlarge graphic
