emini analysis 3rd November 2017 – post-open from Chartprofit
Dayframe: more time was printed at 2573, the minor (20day) poc. A Value Area printed entirely below that level would be the first minor sign of weakness.
Significant Selling (red) has not been marked for 53 days.
First Level LT Support = 2549 (2mn poc)
Sentiment: My version of the Rydex Assets Ratio was lower at 17.45. Tuesday’s ratio at 18.34 is the highest in the database.
Stocks>50dyma numbers: Nyse 64% (from 65%), Nasdaq 61% (from 62%), R2000 64% (unch). Numbers >50 are supportive.
Bonds: TLT – the 10mn poc is at 124.40. TLT closed above that level on Thursday.
Dollar Index: last week 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 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.
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
