Stock market today – Monday 10th October 2016 – pre-open from Chartprofit
ES analysis: The minor (1 month) poc migrated very slightly to 2152.00, see previous, highlighted, comments. Price needs to be monitored relative to that level. 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 = 2152.00 (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, chart closed on Friday just above this level. QQQ 116.97 = 4mn poc Support. Momentum (PriceOsc) for all four major stock index ETFs is now positive. Breadth on the Pulse Chart needs to confirm – currently negativel.
Stocks>50dyma numbers: Nyse 44%, Nasdaq 53%, R2000 48%, UK 64%% (from 56%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio ended the week at 6.81. The ratio reached 7.9 on 08/26, a seven month high.
Supporting Charts:
Bonds: TLT – At the end of September there was a rejected probe of the 4mn poc Resistance at 139.00. Chart is sharply lower from there.
Dollar Index: The 1/2R off Dec high Resistance is at 96.21. For three daysthe chart has been printing above that level in a strong position.
Gold: last month GLD tested 127.85, the 1/2R Resistance off the July high. This was rejected and chart has declined sharply from there. Friday’s low was 118.42, just above the major poc Support is at 118.22 (maj poc).
Oil: USO – for six days USO has been printing above 10.78, the 18mn poc in a strong price location.
EURUSD: the 4yr poc is at 1.1165 and the chart is currently printing just below that level.
click graphic to enlarge
