emini analysis 18th September 2017 – pre-open from Chartprofit
See previous comments. Last week saw Aggressive Buying on Monday and higher Value Areas for the rest of the week. ES has so far 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 ended the week at 8.80. 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 major U.S. Market Charts turned positive.
Stocks>50dyma numbers: Nyse 64%, Nasdaq 57%, R2000 58%. Numbers >50 are supportive.
Bonds: TLT – since mid-May TLT has been printing above 121.63, the 8mn poc, in a strong price location. 09/08 TLT reached 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 – 09/08 printed its lowest level since early 2015.
Gold: On Friday GLD closed at its highest level since September – has retraced from there. Cash indicates a lower open for GLD today.
Oil: USO – the major poc is at 10.14. USO probed above that Resistance on Thursday and Friday. 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 early last week GBPUSD accelerated higher and on Friday 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. 09/08 printed its highest level since Jan 2015.
USDJPY – Key Chart: 111.30 is the 2year poc – Chart is probing that Resistance today. Price printing time above that level would be a positive.
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