emini analysis 14th September 2017 – pre-open from Chartprofit
See previous highlighted comments. Following Monday’s Aggressive Buying, ES has held the breakout to new highs. In the ST as long as ES holds above the minor (3mn) poc at 2464 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 was lower at 10.11. This is down from 14.57 in two days as the market has broken to new highs – probably a bullish indication in the ST. 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 60% (from 59%), Nasdaq 55% (from 54%), R2000 55% (from 51%). 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 but has fallen back sharply from there.
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 Friday GLD closed at its highest level since September – has retraced from there.
Oil: USO – the major poc is at 10.14. USO may probe that Resistance today.
GBPUSD: in the ST as long as charts holds above 1.2884, the 5mn poc, it is in a strong price location. Is today printing above the August high and has printed its highest level since September.
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 but chart has recovered strongly back above that level.
click to enlarge graphic
