Stock market today 21st October 2016 – pre-open from Chartprofit
ES analysis: There is a lack of directional commitment right now with no Significant Buying or Selling (green/red) being marked for nineteen days. However, the 1/2R off Aug high at 2142.50 has been a problem again this week, see chart, and unless ES can print above this (now proven) Resistance it remains in a weak price location and at current levels I am not looking at the long side until that happens. The minor (14day) poc is at 2133 – thirty minutes pre-open today ES is printing below 2130.
Second Level Resistance = 2154.00 (6 wk poc)
First Level Resistance = 2142.25 (1/2R off Aug high)
First Level Support = 2133.00 (14day poc)
Major poc Support = 2087.00
Key Charts/Levels: IWM 122.65 = 5mn poc. Chart is printing below that level in a weak price location. QQQ 116.97 = 4mn poc Support. Chart closed above that level on Wednesday.
Momentum (PriceOsc) for all four stock index ETFS is negative.
Stocks>50dyma numbers: Nyse 39% (from 42%), Nasdaq 42% (from 43%), R2000 40% (from 42%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was lower at 6.48. The ratio reached 7.90 on 08/26, a seven month high. On Tuesday Rydex Bull fund assets that I track, reached their highest level since 6th January.
Supporting Charts:
see today’s video
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 2nd on Friday.
Dollar Index: on Monday printed its highest level since March 10th.
Gold: last month GLD tested 127.85, the 1/2R Resistance off the July high. This was rejected and chart declined sharply from there but has so far held the major poc Support at 118.22 (maj poc).
Oil: USO – USO has been printing above 10.78, the 18mn poc, for two weeks and on Wednesday printed its highest level since late June. Futures indicate a lower open today.
EURUSD: last week the chart broke below the 1.1165 (4yr poc) and below 1.1083 (maj 1/2R). Currently in a weak price location and today printed its lowest level since July.
click graphic to enlarge
