Stock market today 14th November 2016 – pre-open from Chartprofit
See previous comments. Friday generated a narrow Value Area just below 2159.50, which is now the 6month poc. I’m looking for a new directional move here so closely watching price relative to that level. Thirty minutes pre-open today ES is printing just above that price..
U.S. Breadth numbers improved again, see below and Pulse Chart.
Support/Resistance = 2159.50 (now 6month poc)
Second Level Support = 2106.50 (1/2R off August high)
Major poc = 2087.00
Market Charts: Nyse and Nasdaq turned neutral (from negative), R2000 turned positive from negative and UK remained neutral.
Stocks>50dyma numbers: Nyse 55%, Nasdaq 61%, R2000 69%, UK 32%. Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio ended the week at 6.77. On 08/26 the ratio reached 7.90, the highest ratio for the last ten months.
Supporting Charts
Bonds: TLT – early last week TLT closed below 130.77, the 3year poc and declined heavily for the rest of the week. The major poc Support is at 117.15 with TLT closing the week at 122.
Dollar Index: has today printed its highest level since December last year.
Gold: on Friday broke below 119.84, major poc Support and fell sharply. The next Support is at 115.69, 1/2R off last year’s low.
Oil: USO – USO broke below 10.78, the 18mn poc, at the end of October and has fallen sharply from there. On Friday closed below 10.06, the 1/2R off the Feb low in a weak price location. This is a Key Chart and a Key Level.
EURUSD: in early October chart broke below 1.1165, the 4yr poc and has been in a weak price location since then. Has today printed its lowest level since January.
click graphic to enlarge
