emini analysis 15th September 2017 – pre-open from Chartprofit
See previous 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 almost unchanged at 10.04. 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 62% (from 60%), Nasdaq 54% (from 55%), R2000 54% (from 55%). Numbers >50 are supportive.
Bonds: TLT – since mid-May TLT has been printing above 121.63, the 8mn poc, in a strong price location. Last week 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 – last week 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 probed above that Resistance on Thursday. Price printing time above that level would be a positive.
GBPUSD: chart recently tested, then consolidated above 1.2884, the 5mn poc, which put it in a strong price location. Having broken out above the August high earlier this week GBPUSD has accelerated higher and has today printed its highest level since June 2016.
EURUSD: in early July EURUSD found higher low Support at 1.1329, the maj poc and has rallied strongly from there. Last week printed its highest level since Jan 2015.
USDJPY – Key Chart: 111.30 is the 2year poc – Chart has briefly probed that Resistance today. Price printing time above that level would be a positive.
click to enlarge graphic
