Stock market today 4th November 2016 – pre-open from chartprofit
ES analysis: Please read previous comments on graphic. Thursday’s session generated an overlapping/lower Value Area and the major poc at 2087 was tested again. Aggressive Selling (red-at-bottom) was marked again. Price printing time below that level is very weak price location and ES really needs to hold this support.
Key charts:
IWM major poc at 115.35. Chart has fallen heavily this week to this level. Must hold.
SPY major poc at 209.90. Chart has fallen heavily this week to this level. Must hold.
First Level Resistance= 2133.00 (2month poc)
Major poc Support/Resistance today = 2087.00
Stocks>50dyma numbers: Nyse 26% (from 25%), Nasdaq 25% (unch), R2000 24% (from 23%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was slightly lower at 6.38. The ratio reached 7.90 on 08/26, the highest ratio for the last ten months.
Supporting Charts
see today’s video
click graphic to enlarge
