Technical analysis – Market pre-open 19th November 2015
On Wednesday ES found Support at 2054, the minor 1/2R and rallied to print more time at the 2063.00 poc. The Value Area was centred around this level and a VA printed entirely above this price (now Support) would be a further positive. Aggressive Buying (green-at-top) was marked.
Momentum (PriceOsc) for all four major stock index ETFs has fallen back to levels very close to zero. This indicator now ticking up would be another positive and confirm improvement seen in the breadth numbers, see below.
First Level Support = 2063.00 (5mn poc)
Second Level Support = 1971.00 = 1/2R off this year’s high
Stocks>50dyma numbers: Nyse 58% (frpm 49%), Nasdaq 55% (from 51%), R2000 57% (from 51%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 8.21, a little lower than the 57day high recorded last week at 8.41.
Supporting Charts:
Bonds TLT/IEF : Major Time Support is at TLT 117.14. Futures indicate a higher open for TLT today. IEF, the 7-10 yr ETF, found Support at 105.00 it’s maj poc Support. Good chart to monitor.
Dollar Index: on Wednesday printed its highest level since April.
Gold GLD: on Wednesday printed its lowest level since 2009. Very weak price location.
Copper: printed its lowest level since 2009.
Oil USO: was printing time below 14.28, the 1/2R off the August low, in a weak price location and then feel sharply – Crude futures has today printed lowest level since August
EURUSD: on Wednesday printed its lowest level since April.
