Technical analysis – Market pre-open 13th October 2015
Unfortunately my real-time provider (Reuters) has data missing for yesterday’s S&P emini day session. I’m trying to find out why and if/when the data will be filled so I can produce the profile. With apologies, the graphic is not going to be ready for the usual pre-open post.
Monday’s session generated a fourth Value Area entirely above 1971.00, the 1/2R off this year’s high. ES needs to hold this Support to remain in a ST strong price location. Pre-open today ES is weaker printing below 2000, testing the lows of the previous two days. Significant Selling has not been marked yet.
The Key Resistance levels for IWM and FTSE100 have not been exceeded yet, see below.
First Level Support = ES 1971.00 (1/2R off this year’s high)
Second Level Support = ES 1923.00 (50dy poc)
Major Support = ES 1865.00 (poc)
Key Support this week: SPY 198.10 = 1/2R off May high; QQQ 105.10 = maj poc; DIA 166.95 = 1/2R off May high.
Key Resistance this week: IWM 116.00 = maj poc; FTSE100 6445.50 = 1/2R off April high.
Stocks>50dyma numbers: Nyse 65% (unch), Nasdaq 53% (unch), R2000 60% (unch). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 3.78. Early last week the ratio recorded 3.09 which was a two year low.
Supporting Charts:
Bonds TLT: has to hold above the 121.40 Support (12mn poc) to remain in a strong price location and closed just above that level on Friday. Futures indicate a higher open today.
Dollar Index: in September rallied back to the Resistance at 96.50 (1/2R off this year’s high) without overcoming it and fell last week. Has today printed a seventeen day low and is currently printing very close to 94.67, the 12mn poc.
Gold GLD: has been printing above 107.78, the 1/2R off July low. This is strong ST price location and Momentum is positive.
Oil USO: recently found Support at the 1/2R off August low rallied from there to test the August high on Monday. This was rejected and USO fell sharply from there. The 1/2R Support off the August low is now at 14.28.
EURUSD: is today printing above 1.1340 (12mn poc). This is stronger price location if it holds.