Stock market today 28th 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 LT strong price location. The last eight Value Areas have been printed above that level.
RSI (14day) is overbought as follows:
SPY RSI at 70.72, highest since Nov 2014.
IWM RSI at 80 for the first time since June 2003
There is no weakness in the ST analysis yet, e.g. Significant Selling (red) has not been marked for seventeen days, but many traders watch these numbers.
First Level Support = 2159.50 (6month poc)
Second Level Support = 2106.50 (1/2R off August high)
Market Charts: Nyse, Nasdaq, R2000 remain positive; UK remained neutral.
Stocks>50dyma numbers: Nyse 71% (from 68%), Nasdaq 71% (from 69%), R2000 81% (from 79%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio ended the week at 6.04. On 08/26 the ratio reached 7.90, the highest ratio for the last ten months.
Supporting Charts
Bonds: TLT – last week the chart printed as low as 119.25, its lowest level since December. The major poc Support is at 117.15. Futures indicate a higher open today.
Dollar Index: last week reached its highest level since April 2003.
Gold: Last week GLD broke below 115.69, the 1/2R off last year’s low which put the chart in a weak price location.
Oil: USO – rallied back to the maj poc at 10.78 and has turned lower from that Resistance. There is Support at 10.06, the 1/2R off Feb low. Bulls would want to see this level hold. 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. Last week printed as low as 1.0515, its lowest level since December.
click graphic to enlarge
