Stock market today 8th November 2016 – pre-open from Chartprofit
ES analysis: The major poc at 2087 has held as Support and Monday’s session generated a higher Value Area up from that level. Aggressive Buying (green-at-top) was marked for the first time in 33 days as ES approaches the First Level Resistance at 2133. In light of the risk event today I’ll assume nothing but just say that price printing time above 2133 would be a further sign of strength and price below the now proven Support at 2087 would be very weak price location.
First Level Resistance= 2133.00 (2month poc)
Major poc Support = 2087.00
Key chart:
IWM – the major poc at 115.35 has held weel so far. Price printing below this now proven Support would be very weak location.
Stocks>50dyma numbers: Nyse 39% (from 27%), Nasdaq 37% (from 26%), R2000 38% (from 25%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 6.53. On 08/26 the ratio reached 7.90, the highest ratio for the last ten months.
Supporting Charts
Bonds: TLT – At the end of September there was a rejected probe of the 4mn poc Resistance at 139.00. Chart fell sharply from there. The 3year poc is at 130.77, TLT needs to hold that level to remain in a strong price location.
Dollar Index: on 10/25 chart printed its highest level since early February but fell heavily last week.
Gold: Held the major poc Support at 119.84 and rallied last week to 124.78 the 1/2R Resistance off the July high. Down from that level.
Oil: USO – USO broke below 10.78, the 18mn poc, at the end of October and has fallen sharply from there.
EURUSD: is today printing below 1.1083, the major 1/2R in a weak price location.
click graphic to enlarge
