Stock Market 23rd August 2016 – pre-open from Chartprofit
I track the controlling prices on various timeframes. On a very short term sampling period 2177.50 has now attracted more time than 2158.50 and becomes a poc on the monthly timeframe. Price relative to this level can be used as a guide to strength/weakness.
First Level Support = 2177.50
Second Level Support = 2158.50
Market Charts: All major Market Charts remained positive.
Stocks>50dyma numbers: Nyse 68% (from 69%), Nasdaq 70% (from 69%), R2000 70% (from 68%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was lower at 6.29 (from 6.36). Down from 7.74 on 08/08 which was a seven month high for the ratio.
Supporting Charts:
Bonds: TLT closed in a weak price location below 140.30, the min 1/2R off the July high. Price printing time back above that level would be a positive.
Dollar Index: The 1/2R off the May low comes in at 94.76 which is the same level as the 4mn poc. Currently the chart is printing below this level in a weak price location.
Gold: GLD closed just below 128.13, the minor 1/2R off the July high. Chart needs to print above this level to regain a ST strong price location. In the LT as long as the chart holds above 118.22 (maj poc) it is in a strong price location.
Oil: USO – was down sharply on Monday but closed above 10.78, the 18mn poc. Chart needs to hold this level now to maintain a strong price location.
EURUSD: last week the 4yr poc migrated to 1.1170 and currently the chart is printing above that level in a strong price location.
click graphic to enlarge
