emini analysis 22nd September 2017 – pre-open from Chartprofit
The one month poc at 2503 capped the high of Thursday’s session, see yesterday’s comments. This is the level to watch – price printing time above this minor Resistance would be a ST positive.
Minor Support/Resistance = 2503 (1mn poc)
First Level LT Support = 2464.00 (3mn poc)
Sentiment: My version of the Rydex Assets Ratio was lower at 8.81. 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 64% (from 66%), Nasdaq 61% (from 62%), R2000 64% (from 66%). 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 to print a five week low this week.
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. Resistance now at 93.41 (3mn poc).
Gold: 09/07 GLD printed its highest level since September – has retraced from there.
Oil: USO – the major poc is at 10.14. 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 to print 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 printing above that level which is now Support.
click chart to enlarge
