emini analysis 11th September 2017 – pre-open
See previous highlighted comments.
Dayframe:The 3mn poc has migrated to 2464. This level can be used at the start of this week to determine ST 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 = 2464.00 (3mn poc)
Second Level Support = 2436.50 (7mn poc)
Sentiment: My version of the Rydex Assets Ratio ended the week at 14.42. 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.
Market Charts: All U.S. major Market Charts are negative.
Stocks>50dyma numbers: Nyse 50%, Nasdaq 44%, R2000 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. Futures indicate a lower open today for TLT.
Dollar Index: 07/14 chart broke below the Support at 95.57, the 2yr poc, and then fell sharply – on Friday printed its lowest level since early 2015.
Gold: On Thursday GLD closed at its highest level since September. Cash indicates a sharply lower open today for GLD.
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 5mn poc, it is in a strong price location. Is currently probing 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. On Friday 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. The 108.87 Support (1/2R off 2016 low) was broken on Thursday and this level is now Resistance.
click graphic to enlarge
