Stock market today 14th October 2016
ES analysis: Wednesday’s session opened lower, found some buying and rallied. A lower, wider Value Area was generated and ES remains in a weak price location below Resistance, see levels below. I have yet to mark Significant Selling, see previous comments. Momentum (PriceOsc) for SPY and IWM has just dipped into negative readings.
Second Level Resistance = 2154.00 (6 wk poc)
First Level Resistance = 2142.25 (1/2R off Aug high)
Major poc Support = 2087.00
Key Charts/Levels: IWM 122.65 = 5mn poc. Chart is printing below that level in a weak price location. QQQ 116.97 = 4mn poc Support. Chart closed on Thursday at 117.
Stocks>50dyma numbers: Nyse 32% (from 38%), Nasdaq 39% (from 46%), R2000 35% (from 45%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was slightly higher at 6.90. The ratio reached 7.9 on 08/26, a seven month high.
Supporting Charts:
see today’s video
