emini analysis 2nd November 2017 – pre-open from Chartprofit
Dayframe: ES tested the minor (18day) poc at 2573 but the Value Area was printed entirely above that Support. First minor sign of weakness would be a VA printed below 2573. Three hours pre-open ES is printing below that level.
Significant Selling (red) has not been marked for 52 days. Within that period Aggressive Buying (green-at-top) has been marked six times.
First Level Support = 2549 (2mn poc)
Sentiment: My version of the Rydex Assets Ratio was slightly lower at 18.04. Tuesday’s ratio at 18.34 is the highest in the database.
Stocks>50dyma numbers: Nyse 65% (unch), Nasdaq 62% (from 65%), R2000 64% (from 67%). Numbers >50 are supportive.
Bonds: TLT – the 10mn poc is at 124.40. TLT closed just above that level on Wednesday.
Dollar Index: on Friday printed its highest level since late July. There is major poc Resistance at 95.50.
Gold: in early October GLD briefly tested the Major Support at 119.84. Has held since them. As long as chart holds above this level it is in a strong price location.
Oil: USO – on Wednesday printed its highest level since April. As long as chart holds above 10.14, the major poc Support, it is in a strong price location.
GBPUSD: currently printing just below 1.3234 (1/2R). The 9mn poc is at 1.2925 and this is LT Support.
EURUSD: last week broke below the August low and printed a 3month low on Friday.
USDJPY: 111.30 is the 2year poc – for six weeks the chart has been printing above that level which is now Support. The 1/2R off the December high is at 112.98 and the chart is also printing above that level.
click to enlarge graphic
