Stock market today 16th December 2016 – pre-open from Chartprofit
See previous, highlighted, comments. On Thursday ES generated an “inside” Value Area. Wednesday’s red-at-bottom low was not tested during Thursday’s session (80% of the time they are tested within two days) and if Wednesday’s high at 2272 is exceeded it would negate any short-term negative implications of Wednesday’s red-at-bottom low.
Day frame: There is now a minor (10day) poc at 2252.50. Price relative to that level would be useful to monitor intraday re minor strength/weakness.
Also, see Pulse chart, there is a clear negative divergence on the minor timeframe between price and momentum but momentum ticked back up yesterday which is encouraging.
First Level Support = 2200 (minor poc)
Second Level Support = 2159.50 (6month poc)
Sentiment: My version of the Rydex Assets Ratio has climbed to 9.57 which is a sixteen month high.
Stocks>50dyma numbers: Nyse 73% (unch), Nasdaq 71% (from 69%), R2000 80% (from 79%). Numbers >50 are supportive.
Supporting Charts
see today’s video
click graphic to enlarge
