Stock market today 29th September 2016 – pre-open from Chartprofit
ES analysis: Wednesday’s session generated an overlapping Value Area but ES closed strong. As long as chart holds above 2135.00 it is in a strong price location and Aggressive Buying marked above that level would be a big positive.
First Level Support = 2135.00 = minor (17day) poc
Major poc Support = 2087.00
Pulse Chart: Breadth just ticked back to positive and Daily Momentum (PriceOsc) for SPY although still negative ticked up. Improving.
Stocks>50dyma numbers: Nyse 53% (from 45%), Nasdaq 61% (from 58%), R2000 60% (from 54%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 7.24. The ratio reached 7.9 on 08/26 which is the highest ratio in the last eight months.
Supporting Charts:
Bonds: TLT – Last week and this TLT has rallied and on Wednesday probed the 4mn poc Resistance at 139.00. Price above this level would be a strong price location.
Dollar Index: The 1/2R off Dec high Resistance is at 96.21. This was probed and rejected last week. Price above that level would put the chart in a stronger position. Support lower at 94.76 (2yr poc).
Gold: GLD rallied last week to test 127.85, the 1/2R Resistance off the July high. This was rejected and chart has declined this week. Price above that level would put the chart in a stronger position. The major poc Support is at 118.22 (maj poc).
Oil: USO – On Wednesday probed the Resistance at 10.78, the 18mn poc. Price above that level would be strong price location.
EURUSD: the 4yr poc is now at 1.1165 and the chart is currently printing above that level in a strong price location.
click graphic to enlarge
