emini analysis 19th 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 broke to a new high on Monday. 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 slightly lower at 8.68. 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 66% (from 64%), Nasdaq 61% (from 57%), R2000 62% (from 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: 09/07 GLD printed 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, Friday and Monday. 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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