Stock market today 9th January 2017 – pre-open from Chartprofit
On Friday an early test of 2259, the 3month poc, was rejected and ES auctioned higher to close strong for the week. Price relative to this level is important to monitor. Significant Buying marked above 2259 would be a positive as would Momentum (PriceOsc) on the SPY chart turning higher – this indicator has just dipped into negative territory, see Pulse Chart.
First Level Support= 2259.00 (3 month poc)
Second Level Support = 2159.50 (6month poc)
Sentiment: My version of the Rydex Assets Ratio ended the week at 7.57 having reached 11.83 on Tuesday, the highest ratio since June 2015.
Market Charts: All major Market Charts are positive.
Stocks>50dyma numbers: Nyse 80%, Nasdaq 71%, R2000 77%. Numbers >50 are supportive.
Supporting Charts
Bonds: TLT – On 12/14 TLT printed its lowest level since July 2015 but has so far held the major poc Support at 117.15 and on Thursday printed a twenty five day high.
Dollar Index: On 01/03 the index printed its highest level since April 2003. Off that high last week.
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. On 12/15 chart printed its lowest level since last January but has rallied from that low. Cash indicates a higher open today.
Oil: USO – since the start of December USO has been printing above 10.78, the maj poc, in a strong price location. On 01/03 chart printed its highest level since late June.
EURUSD: in early October chart broke below 1.1165, the 4yr poc, and has been in a weak price location since then. On 01/03 printed its lowest level since early 2003.
click graphic to enlarge
