Stock market today 23rd September 2016
See yesterday’s highlighted comments.
ES analysis: Following Wednesday’s break above the 1/2R Resistance, the green-at-top high was exceeded on Thursday, with the session generating a higher, narrower Value Area.
The Pulse Chart: Momentum (PriceOsc) is ticking up (although still negative) – same for IWM and DIA. Breadth on the Pulse Chart has tuirned from red to neutral, but this needs to confirm.
First Level Support = 2142.25 (1/2R off August high, Dec contract)
Major poc Support = 2087.00
Stocks>50dyma numbers: Nyse 58% (from 48%), Nasdaq 65% (from 58%), R2000 65% (from 55%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was slightly higher at 6.16. Yesterday’s ratio at 5.95 was a 36 day low. The ratio reached 7.9 on 08/26, a seven month high.
Supporting Charts:
See today’s video
Click graphic to enlarge
