Stock market today 3rd October – pre-open from Chartprofit
ES analysis: Last week ES tested and held 2135 which at the time was First Level Support. That minor poc has now moved to 2141.5 which is close to 2142.50, the 1/2R off August high.
First Level Support = 2141.50 = 1 month poc
Major poc Support = 2087.00
Key Charts/Levels: IWM 122.65 = 5mn poc Support; QQQ 116.97 = 4mn poc Support. Momentum (PriceOsc) for IWM and QQQ turned positive. Large SPY and DIA need to confirm. See this week’s eBook for charts.
Market Charts: All major Market Charts remain positive.
Stocks>50dyma numbers: Nyse 51%, Nasdaq 58%, R2000 57%, UK 67%. Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio ended the week at 7.42. The ratio reached 7.9 on 08/26, a seven month high.
Supporting Charts:
Bonds: TLT – TLT has rallied and on Wednesday last week probed the 4mn poc Resistance 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 recently probed and rejected. Price above that level would put the chart in a stronger position. Support lower at 94.76 (2yr poc).
Gold: GLD rallied to test 127.85, the 1/2R Resistance off the July high. This was rejected and chart has declined from there. Price above that level would put the chart in a stronger position. The major poc Support is at 118.22 (maj poc).
Oil: USO – finished the week above 10.78, the 18mn poc. Price holding this level is strong price location.
EURUSD: the 4yr poc is at 1.1165 and the chart is currently printing above that level in a strong price location.
click to enlarge
