Stock market today 29th November 2016 – pre-open from Chartprofit
emini analysis: Please read previous comments. As long as ES prints above 2159.50 it is in a LT strong price location. The last nine Value Areas have been printed above that level.
Dayframe: First minor sign of weakness would be a Value Area generated below 2200 which is now the 5week poc. Monday’s VA was printed above this level.
I wrote yesterday that IWM RSI was very overbought at 80 for the first time since June 2003. IWM was down 1% yesterday and the relative under-performer. Need to monitor this chart. Small caps will often lead a trend and a reversal.
First Level Support = 2159.50 (6month poc)
Second Level Support = 2106.50 (1/2R off August high)
Stocks>50dyma numbers: Nyse 68% (from 71%), Nasdaq 68% (from 71%), R2000 78% (from 81%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was almost unchanged at 6.24. On 08/26 the ratio reached 7.90, the highest ratio for the last ten months.
Supporting Charts
Bonds: TLT – last week the chart printed as low as 119.25, its lowest level since December. The major poc Support is at 117.15.
Dollar Index: last week reached its highest level since April 2003.
Gold: Last week GLD broke below 115.69, the 1/2R off last year’s low which put the chart in a weak price location.
Oil: USO – rallied back to the maj poc at 10.78 and has turned lower from that Resistance. There is Support at 10.06, the 1/2R off Feb low. Bulls would want to see this level hold. This is a Key Chart.
EURUSD: in early October chart broke below 1.1165, the 4yr poc, and has been in a weak price location since then. Last week printed as low as 1.0515, its lowest level since December.
click graphic to enlarge
