emini analysis 17th October 2017 – post-open from Chartprofit
Significant Selling (red) has not been marked for 40 days. Within that period Aggressive Buying (green-at-top) has been marked six times and the market is higher so this is Effective Buying. As long as ES holds above 2503 (1 month poc) it is in a strong price location in the ST. First sign of ST weakness would be Effective Significant Selling (red) on the profile.
Dayframe: Last two Value Areas have been printed entirely above 2549, the minor (20day) poc . Price relative to this level could be a guide to ST strength/weakness.
Support = 2503 (1mn poc)
First Level LT Support = 2464.00 (3mn poc)
Sentiment: My version of the Rydex Assets Ratio ended the week at 13.93. On 08/22 the ratio reached 15.64 which is the highest in the database.
Stocks>50dyma numbers: Nyse 75% (from 77%), Nasdaq 76% (from 78%), R2000 80% (unch). Numbers >50 are supportive.
Bonds: TLT – 09/08 TLT reached its highest level since November but retraced from there to print a nine week low on 10/06 when the 9mn Support at 123.40 was briefly tested.
Dollar Index: The 8mn poc is at 93.46. The index is today printing back above that level.
Gold: 09/07 GLD printed its highest level since September – retraced from there to briefly test the Major Support at 119.84. As long as chart holds above this level it is in a strong price location.
Oil: USO – printing above 10.14, the major poc Support. As long as chart holds above this level it is in a strong price location.
GBPUSD: 09/20 GBPUSD printed its highest level since June 2016. Retraced from there and is today printing back below1.3234 (1/2R). The 9mn poc is at 1.2925 and this is LT Support.
EURUSD: 09/08 printed its highest level since Jan 2015. Retraced from there to approach the August low but has rallied back a little.
USDJPY: 111.30 is the 2year poc – for four weeks the chart has been printing above that level which is now Support. Stronger price location. The 1/2R off the December high is at 112.98 – the chart is currently having a problem overcoming that minor Resistance.
click to enlarge graphic
