Stock market today 24th October 2016 – pre-open from Chartprofit
ES analysis: There is a lack of directional commitment right now with no Significant Buying or Selling (green/red) being marked for twenty days. The 1/2R off Aug high at 2142.50 rejected two probes recently, see chart, but pre-open today ES is again probing this level. In the ST price printing time above this price would be a positive but I am not interested in the long side until that happens. 2133 is now the 1 month poc and is First Level Support at the start of this week.
Resistance = 2154.00 (poc)
Support/Resistance today= 2142.25 (1/2R off Aug high)
First Level Support = 2133.00 (14day poc)
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 Friday.
Market Charts: Nyse turned neutral (from negative); Nasdaq and R2000 turned negative (from neutral)
Stocks>50dyma numbers: Nyse 38%, Nasdaq 41%, R2000 39%, UK 51%. Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio ended the week at 6.21. The ratio reached 7.90 on 08/26, a seven month high.
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.
Dollar Index: earlier today the index printed its highest level since February.
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 119.84 (maj poc).
Oil: USO – USO has been printing above 10.78, the 18mn poc, for three weeks and on Wednesday last week printed its highest level since late June. Futures indicate a lower open today.
EURUSD: 10/10 the chart broke below the 1.1165 (4yr poc) and below 1.1083 (maj 1/2R) the following day. Remains in a weak price location and last week printed its lowest level since July.
