emini Market Profile analysis 30th August 2016 – pre-open from Chartprofit
emini Market Profile analysis – During Friday’s session we saw a swift decline to briefly test the 2158.50 poc, see Friday’s comments. This test was rejected and ES rallied back with Monday’s Value Area being printed above 2177.50. This level is the current controlling price and may attract more time but I will view Significant Buying (green) marked above this point as a positive. Price printing time below the proven Support at 2158.50 would be a negative.
First Level S/R = 2177.50
First Level Support = 2158.50
Stocks>50dyma numbers: Nyse 65% (from 62%), Nasdaq 69% (from 67%), R2000 69% (from 67%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was slightly lower at 7.5. Friday’s ratio at 7.9 was a seven month high.
Supporting Charts:
Bonds: TLT – on Monday TLT closed just below 140.30, the min 1/2R off the July high. Price printing time above this level would be a positive and as long as chart holds above 139.00, the 4mn poc, it is in a strong price location.
Dollar Index: The 1/2R off the May low comes in at 94.76 which is the same level as the 4mn poc. Currently UDX is printing above this level in a stronger price location. There is further Resistance at 96.21 which is the 1/2R off last year’s high.
Gold: GLD closed on Monday below 128.13, the minor 1/2R off the July high in a weak price location. In the LT as long as the chart holds above 118.22 (maj poc) it is in a strong price location.
Oil: USO – sold off early last week but has so far held 10.78, the 18mn poc. Chart needs to hold this level to maintain a strong price location.
EURUSD: printing very close to 1.1170, the 4yr poc. There is Support lower at 1.1083, 1/2R of last year’s low.
click graphic to enlarge
