Technical analysis – Market pre-open 27th November 2015
The 5mn poc has migrated to 2087.00, close to the maj poc at 2094.00. Price relative to these levels will be a good guide to strength/weakness. Thirty minutes pre-open ES is printing between these two levels.
Potential area of S/R is 2087.00 (5mn poc) to 2094.00 (maj poc)
Second Level Support = 1971.00 = 1/2R off this year’s high
Stocks>50dyma numbers: Nyse 64% (from 62%), Nasdaq 61% (from 58%), R2000 66% (from 62%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 7.7. On 11/11 the ratio reached 8.41 which was a 57day high.
Supporting Charts:
Bonds TLT/IEF : TLT has probed the Resistance at 121.40 this week. Futures indicate a higher open today. IEF, the 7-10 yr ETF, recently found Support at 105.00 it’s maj poc Support, and has rallied. Good chart to monitor.
Dollar Index: has this week printed its highest level since March.
Gold GLD: Cash Gold has today printed a new five year low. Very weak price location.
Oil USO: last week printed its lowest level since August. Rallied on Tuesday and Wednesday but Futures indicate a lower open today.
EURUSD: is currently printing close to this week’s low which is the lowest level since April.
