Stock market today 2nd December 2016 – pre-open from Chartprofit
Dayframe: Thursday’s Value Area was generated entirely below 2200 (5week poc), see previous, highlighted comments. Aggressive Selling (red-at-bottom) was also marked. New longs are eliminated for me at least until Significant Buying (green) is marked again. Also see Sentiment below.
LT: As long as ES prints above 2159.50 it is in a LT strong price location. The last twelve Value Areas have been printed above that level.
First Level Resistance = 2200 (5week poc)
First Level Support = 2159.50 (6month poc)
Second Level Support = 2106.50 (1/2R off August high)
Stocks>50dyma numbers: Nyse 63% (from 66%), Nasdaq 61% (from 65%), R2000 71% (from 74%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio spiked higher to 8.17 (from 6.32). This is the highest ratio for 11 months.
Supporting Charts
see today’s video
