Stock Market 24th August 2016 – pre-open from Chartprofit
Tuesday’s session generated a higher Value Area above 2177.50. As long as ES holds this level it is in a strong price location. I have not marked Significant Buying or Selling for 23 days.
First Level Support = 2177.50
Second Level Support = 2158.50
Stocks>50dyma numbers: Nyse 70% (from 68%), Nasdaq 72% (from 70%), R2000 72% (from 70%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was lower at 6.44 (from 6.29). 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 just below this level. Price printing time above 94.76 would be a positive.
Gold: GLD closed 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 – sold off early in the week but has held 10.78, the 18mn poc. Chart needs to hold this level 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 to enlarge graphic
