Stock market today 21st November 2016. Pre-open from Chartprofit.
emini analysis: Please read previous comments. Encouragingly, the last four Value Areas have been generated entirely above 2159.50, the 6month poc. Also last week, Aggressive Buying (green-at-top) was marked above that level, see previous comments. ES has to hold the 2159.50 poc to maintain a strong price location.
First Level Support = 2159.50 (6month poc)
Second Level Support = 2106.50 (1/2R off August high)
Market Charts: Nyse, Nasdaq, R2000 Market Charts are now positive. U.K is neutral.
Stocks>50dyma numbers: Nyse 61%, Nasdaq 67%, R2000 77%, UK 40%. Numbers >50 are supportive.
The Russell 2000 has reached a new all-time-high last week, and the S&P 500 is printing close to its own all time high registered in August.
Sentiment: My version of the Rydex Assets Ratio ended the week at 5.54. On 08/26 the ratio reached 7.90, the highest ratio for the last ten months.
Supporting Charts
Bonds: TLT – last week the chart reached its lowest level since December, closing on Friday at 120.85. The major poc Support is at 117.15.
Dollar Index: last week broke out above the December ’15 high.
Gold: On Friday GLD closed at 115.15, just below 115.69, the 1/2R off last year’s low. Price below this level is weak location.
Oil: USO – On Friday Chart closed at 10.32 which is just above 10.06, the 1/2R off the Feb low. Futures indicate a higher open today. This is a Key Chart.
EURUSD: in early October chart broke below 1.1165, the 4yr poc, and has been in a weak price location since then. On Friday chart printed its lowest level since December.
Click graphic to enlarge
