emini analysis 1st September 2016 – from Chartprofit
S&P 500 emini analysis 1st September pre-open: Thursday generated a lower Value Area but the low of the session held the 2158.50 poc Support. Overnight a rally back has probed the 2177.50 poc Resistance. I have only marked one instance of Significant Buying or Selling in the last 29 days which must be some kind of record. Maybe Friday’s jobs data will provide some impetus. I will view Significant Buying (green) marked above 2177.50 as a positive. Price printing time below the proven Support at 2158.50 would be a negative.
First Level S/R = 2177.50
Second Level Support = 2158.50
Stocks>50dyma numbers: Nyse 60% (from 63%), Nasdaq 66% (from 69%), R2000 66% (from 70%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was lower at 7.51. Last Friday’s ratio at 7.9 was a seven month high.
Supporting Charts:
Bonds: TLT – for three weeks now chart has found Resistance to every probe above 140.30, the min 1/2R off the July high. Price printing time above this level would be a positive. There is Support at 139.00, the 4mn poc. A break above or below these levels could weel indicate the next directional move – possibly following Friday’s jobs data?
Dollar Index: Is currently probing the Resistance at 96.21 which is the 1/2R off last year’s high. There is Support at 94.76 which is the 4mn poc.
Gold: GLD closed on Wednesday at its lowest level since June. In the LT as long as the chart holds above 118.22 (maj poc) it is in a strong price location.
Oil: USO – on Wednesday USO broke below 10.78, the 18mn poc and is now in a weaker price location.
EURUSD: on Tuesday chart broke below 1.1170, the 4yr poc. There is Support lower at 1.1083, 1/2R of last year’s low.
click to enlarge graphic
