Pre-open Stock Market Report Friday 15th July 2016
In Thursday’s Stock Market Report I wrote that “we should continue to assume that the Buyers are in control”. This is because there is currently no indication of Effective Selling activity on any timeframe. On days when Aggressive Buying (green-at-top) is marked, the intraday bias numbers are usually high (see highlighted numbers on 07/06 and 07/08) indicating a strong intraday Buying bias. For the last four days we have seen ES open higher with intraday bias numbers indicating ineffective Selling (higher or overlapping Value Areas). Both are common in uptrends. Significant Selling has not been marked for thirteen days.
First Level Support = 2087.00 (major poc)
Second Level Support = 2041.00 (poc of current distribution)
Stocks>50dyma numbers: Nyse 79% (from 77%), Nasdaq 73% (from 72%), R2000 79% (unch). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 5.97 which is a six month high. This is a contrarian indicator. VIX printed 12.14 intraday on Thursday which is the lowest since August.
Supporting Charts:
see today’s video
click graphic to enlarge
