emini analysis 7th November 2017 – pre-open from Chartprofit
During Friday’s session Support was found at 2573, the minor (20day) poc and ES has rallied from there to a new high. A Value Area printed entirely below that level would be the first minor sign of weakness. Significant Selling (red) has not been marked for 55 days.
First Level LT Support = 2549 (2mn poc)
Sentiment: My version of the Rydex Assets Ratio was sharply lower at 12.45 (from 15.24) having reached 18.34 last week, the highest ratio in the database.
Stocks>50dyma numbers: Nyse 63% (from 62%), Nasdaq 59% (from 60%), R2000 61% (from 62%). Numbers >50 are supportive.
Bonds: TLT – the 10mn poc is at 124.40. TLT closed at a 29day high on Monday.
Dollar Index: 10/27 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 – closed on Monday at its highest level since February. 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: 10/27 chart broke below the August low and has today printed its lowest level since July.
USDJPY: 111.30 is the 2year poc – for seven 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
