emini analysis 8th September 2017 – pre-open from Chartprofit
See previous highlighted comments.
Dayframe: A minor (10 day) poc has emerged at 2463. This level can be used today to determine intraday strength/weakness.
In the LT as long as ES holds above the 2436.50 poc it is in a strong price location.
First Level Support = 2436.50 (7mn poc)
Sentiment: My version of the Rydex Assets Ratio was slightly higher at 12.74. On 08/22 the ratio reached 15.64 which is the highest in the database. The ratio reaching a new high has historically been a warning for the market.
Stocks>50dyma numbers: Nyse 49% (unch), Nasdaq 45% (unc), R2000 41% (from 42%). Numbers >50 are supportive.
Bonds: TLT – since mid-May TLT has been printing above 121.63, the 8mn poc, in a strong price location. On Thursday TLT closed at its highest level since November.
Dollar Index: 07/14 chart broke below the Support at 95.57, the 2yr poc, and then fell sharply – has today printed its lowest level since early 2015.
Gold: On Thursday GLD closed at its highest level since September.
Oil: USO – the major poc is at 10.14. USO is printing below that level in a weak LT price location.
GBPUSD: as long as chart holds above 1.2780, the maj poc, it is in a strong price location in the LT. And in the ST as long as charts holds above 1.2884, the 5mon poc, it is in a strong price location. Higher today and looks set to test the early August high.
EURUSD: in early July EURUSD found higher low Support at 1.1329, the maj poc and has rallied strongly from there. Earlier today printed its highest level since Jan 2015.
USDJPY – Key Chart: 111.30 is the 2year poc – Chart prints below that level in a weak price location. Support at 108.87 (1/2R off 2016 low) was broken on Thursday and chart is lower today.
click graphic to enlarge
