Stock market today 5th December 2016 – pre-open from Chartprofit
Dayframe: Thursday and Friday generated Value Areas below 2200 (5week poc), see previous, highlighted comments. Aggressive Selling (red-at-bottom) was marked on Thursday. New longs are eliminated for me at least until Significant Buying (green) is marked again. One hour pre-open today ES is printing close to 2200. Price relative to that level is worth monitoring at the start of this week as a clue to ST strength/weakness.
LT: As long as ES prints above 2159.50 it is in a LT strong price location. The last thirteen Value Areas have been printed above that level.
First Level Support/Resistance = 2200 (5week poc)
First Level Support = 2159.50 (6month poc)
Market Charts: Nyse & R2000 stayed positive; Nasdaq turned neutral; UK stayed neutral.
Stocks>50dyma numbers: Nyse 65%, Nasdaq 65%, R2000 71%, UK 37%. Numbers >50 are supportive.
Sentiment: 12/02: My version of the Rydex Assets Ratio ended the week at 8.25, an eleven month high.
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.
Dollar Index: 11/24 chart reached its highest level since April 2003. Has today printed a twelve day low.
Gold: 11/23 GLD broke below 115.69, the 1/2R off last year’s low which put the chart in a weak price location. Price back above that level would be a first positive.
Oil: USO – is now printing back above 10.78, the maj poc 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. Earlier today printed as low as 1.0503, its lowest level since March 2015 and then reversed higher to print a three day high.
click to enlarge
