Stock market today 19th October 2016 – pre-open from Chartprofit
ES analysis: Early in Friday’s session there was a rejected probe of 2142.25, our First Level Resistance and ES has yet to print back above that level so it remains in a weak price location. I have not yet marked Significant Selling but at current levels I am not looking at the long side unless ES prints time above 2142.25.
Dayframe: The very minor poc (10 day) has moved to 2132.50 and price relative to that level may give an indication of ST strength/weakness today. Thirty minutes pre-open ES is printing above 2135.
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 above that level on Tuesday.
Momentum (PriceOsc) for all four stock index ETFS is now negative and heading lower.
Stocks>50dyma numbers: Nyse 37% (from 32%), Nasdaq 41% (from 37%), R2000 38% (from 35%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was slightly lower at 7.31. The ratio reached 7.90 on 08/26, a seven month high. Looking at just the Rydex Bull fund assets that I track, these have now reached their highest level since 6th January.
Supporting Charts:
Bonds: TLT – At the end of September there was a rejected probe of the 4mn poc Resistance at 139.00. Chart is sharply lower from there and printed its lowest level since June 2nd on Friday.
Dollar Index: on Monday printed its highest level since March 10th.
Gold: last month GLD tested 127.85, the 1/2R Resistance off the July high. This was rejected and chart declined sharply from there but has so far held the major poc Support at 118.22 (maj poc). Cash indicates a higher open for GLD today.
Oil: USO – USO has been printing above 10.78, the 18mn poc, for two weeks and last week printed its highest level since 1st July.
EURUSD: last week the chart broke below the 1.1165 (4yr poc) and below 1.1083 (maj 1/2R). Currently in a weak price location and printing at its lowest level since July.
click to enlarge graphic
