Stock market today 23rd November 2016 – pre-open from Chartprofit
emini analysis: Please read previous highlighted, comments. As long as ES prints above 2159.50 it is in a strong price location. The last six Value Areas have been printed above that level. Significant Selling (red) has not been marked for fifteen days. I’m also closely watching Oil (USO) and the Rydex ratio, see below.
First Level Support = 2159.50 (6month poc)
Second Level Support = 2106.50 (1/2R off August high)
Stocks>50dyma numbers: Nyse 69% (from 66%), Nasdaq 68% (from 67%), R2000 78% (from 76%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was sharply higher on Monday at 7.53 and Tuesday a little lower at 7.35. The highest ratio for the last ten months is at 7.90 reached on 08/26. A Ratio above that level and reaching a new ten month high would possibly be a sign of over enthusiasm.
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. Futures indicate a lower open today.
Dollar Index: last week broke out above the December ’15 high and today has reached its highest level since April 2003.
Gold: On Tuesday GLD closed at 115.54, just below 115.69, the 1/2R off last year’s low. Cash gold indicates a lower open for GLD today which would therefore be printing in a weak price location.
Oil: USO – has rallied back to the maj poc at 10.78 and is currently finding Resistance there. Price printing time above this level would put the chart in a strong price location. 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. Has today printed its lowest level since December.
click graphic to enlarge
