Stock Market today 6th October 2016 – pre-open from Chartprofit
ES analysis: Wednesday’s session generated a narrow, “inside” Value Area. Enough time was spent at 2154.00 to move the minor (1 month) poc to that level. Price relative to 2154.00 will provide a clue re ST strength/weakness. One hour pre-open ES was printing below that level. There is Support at 2142.50, the 1/2R off August high.
First Level S/R = 2154.00 (1 month poc)
Second Level Support 2142.50 (1/2R off Aug high)
Major poc Support = 2087.00
Key Charts/Levels: IWM 122.65 = 5mn poc Support, Tuesday’s low was at this level. QQQ 116.97 = 4mn poc Support. Momentum (PriceOsc) for IWM and QQQ is positive. Large-cap SPY and DIA need to confirm.
Stocks>50dyma numbers: Nyse 51% (from 43%), Nasdaq 58% (from 53%), R2000 56% (from 50%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was unchanged at 7.46. The ratio reached 7.9 on 08/26, a seven month high.
Supporting Charts:
Bonds: TLT – On Wednesday last week there was a rejected probe of the 4mn poc Resistance at 139.00. Chart is sharply lower from there.
Dollar Index: The 1/2R off Dec high Resistance is at 96.21. Today the Chart is probing above that proven Resistance. Price printing time above that level would put the chart in a strong position.
Gold: last month GLD tested 127.85, the 1/2R Resistance off the July high. This was rejected and chart has declined sharply from there. The major poc Support is at 118.22 (maj poc).
Oil: USO – for five days USO has been printing above 10.78, the 18mn poc in a strong price location.
EURUSD: the 4yr poc is at 1.1165 and the chart is currently printing above that level.
click chart to enlarge
