emini analysis 20th October 2017 – pre-open from Chartprofit
The 2month poc migrated to 2549.00 during yesterday’s session. This is now First Level Support. Significant Selling (red) has not been marked for 43days. 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 2549 it is in a strong price location in the ST.
First Level Support = 2549 (2mn poc)
Sentiment: My version of the Rydex Assets Ratio was higher at 14.39. Bear fund assets that I follow fell to their lowest level in the database. On 08/22 the ratio reached 15.64 which is the highest in the database.
Stocks>50dyma numbers: Nyse 75% (unch), Nasdaq 74% (from 75%), R2000 78% (from 79%). 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. Currently the index is printing very close to 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 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 and today the chart is printing above that minor Resistance.
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