Stock market today 7th October 2016 – pre-open from Chartprofit
ES analysis: on Thursday ES spent more time at 2154.00 building that minor poc. On the chart you can see price action “winding in” to that level. This often happens before a break one way or the other and so price relative to 2154 is important to monitor. The next directional move could be indicated by green (significant buying) or red (selling) being marked above or below this level.
First Level S/R = 2154.00 (1 month poc)
Second Level Support 2142.50 (1/2R off Aug high)
Major poc Support = 2087.00
Key Charts/Levels: IWM 122.65 = 5mn poc Support, this level has provided clear Support this week. QQQ 116.97 = 4mn poc Support. Momentum (PriceOsc) for all four major stock index ETFs is now positive. Breadth on the Pulse needs to confirm – currently neutral.
Stocks>50dyma numbers: Nyse 51% (unch), Nasdaq 57% (from 58%), R2000 55% (from 56%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was unchanged at 7.46. The ratio reached 7.9 on 08/26, a seven month high.
Supporting Charts:
see today’s video
click graphic to enlarge
