Stock market today 11th November 2016 – pre-open from Chartprofit
See yesterday’s comments. The most important level to monitor now is the newly migrated 6month poc at 2159.50. Thursday’s session generated a higher/overlapping Value Area entirely above that level but thirty minutes pre-open today ES is printing just below that price. I’m looking for a new directional move here so closely watching price relative to 2159.50. Breadth numbers have improved, see below and Pulse Chart.
Support/Resistance = 2159.50.00 (now 6month poc)
Second Level Support = 2106.50 (1/2R off August high)
Major poc = 2087.00
Stocks>50dyma numbers: Nyse 53% (from 51%), Nasdaq 53% (from 50%), R2000 62% (from 55%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was lower at 5.46, a 67 day low. On 08/26 the ratio reached 7.90, the highest ratio for the last ten months.
Supporting Charts
see today’s video
click graphic to enlarge
