Stock market today – 11th October 2016 – pre-open from Chartprofit
ES analysis: Monday’s session generated a higher but narrower Value Area on low volume. The poc of the session was at 2159, see highlighted comments from 4th October, and just adding that so far no poc of any importance has migrated to that level yet. Overnight the minor (1 month) poc migrated back to 2154.00. Price needs to be monitored relative to that level. The next directional move could be indicated by green (significant buying) or red (selling) being marked above or below this level. Pre-open ES is printing just below that level.
First Level S/R = 2154.00 (1 month poc)
Second Level Support 2142.50 (1/2R off Aug high)
Major poc Support = 2087.00
Key Charts/Levels: IWM 122.65 = 5mn poc Support, chart closed on Monday above this level. QQQ 116.97 = 4mn poc Support. Momentum (PriceOsc) for all four major stock index ETFs is now positive but ticked lower on Monday for SPY, IWM and QQQ. Breadth on the Pulse Chart needs to confirm – currently negativel.
Stocks>50dyma numbers: Nyse 49% (from 44%), Nasdaq 58% (from 53%), R2000 55% (from 48%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was slightly higher at 6.97. The ratio reached 7.9 on 08/26, a seven month high.
Supporting Charts:
Bonds: TLT – At the end of September there was a rejected probe of the 4mn poc Resistance at 139.00. Chart is sharply lower from there and printed its lowest level since June 23rd on Monday.
Dollar Index: The 1/2R off Dec high is at 96.21. The chart is printing higher above that level in a strong position.
Gold: last month GLD tested 127.85, the 1/2R Resistance off the July high. This was rejected and chart has declined sharply from there. Friday’s low was 118.42, just above the major poc Support is at 118.22 (maj poc).
Oil: USO – USO has been printing above 10.78, the 18mn poc in a strong price location and on Monday printed its highest level since 1st July.
EURUSD: the 4yr poc is at 1.1165 and the chart is currently printing below that level.
click graphic to enlarge
