Stock Market 26th August 2016 – pre-open from Chartprofit
emini analysis: Wednesday’s red-at-bottom low was tested but so far there has been no follow-on weakness. However, Thursday’s Value Area was generated entirely below the 2177.50 poc which is weak price location in the ST. Unless ES recovers quickly back above that poc we should expect a test of 2158.50. In the longer timeframe price below 2158.50 would be a real concern.
First Level S/R = 2177.50
Second Level Support = 2158.50
Stocks>50dyma numbers: Nyse 66% (from 65%), Nasdaq 69% (unch), R2000 70% (from 68%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was sharply higher at 7.74 which is a seven month high for the ratio.
Supporting Charts:
see today’s video
click to enlarge graphic
