emini 26th April 2018 – pre-open from Chartprofit
Wednesday’s session generated aValue Area entirely below 2647, the major poc, see yesterday’s comments. Interestingly the minor (2month) poc is now at 2632 and ES found Support at that level during the late part of the session, see chart. Overnight ES also recovered back above 2647, the major and pre-open is printing above 2650. Significant Buying (green) marked above 2647, would be a positive.
Index ETFs: SPY 264.50 = 9mn; IWM 153.50 = 1year
Stocks>50dyma numbers: Nyse 49% (unch), Nasdaq 47% (from 50%), R2000 55% (from). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 21.04. Down from 13.93 last Wednesday, a 43 day low which indicated some nervousness from the Rydex traders. I’ve been concerned that we didn’t see any fear registering in March as the market fell but Bull fund assets fell this week to the lowest level since October.
Bonds: TLT – at the end of last week broke back below 119.00 which put the chart in a weak price location.
Dollar Index: the 8mn poc is now at 89.62. The Index is printing above that level in a ST stronger price location.
Gold – GLD: The 4mn poc is at 125.23. GLD needs to hold that level to stay in a strong price location.
Oil: USO – last week (and again this week) USO printed its highest level since November 2015. First sign of weakness would be time printed below 12.79, the 12mn poc.
GBPUSD: recently probed 1.4212, the major Value Area High, for the second time this year and looks to have been rejected again. This week has been testing the Support at 1.3965 (6mn poc). Time below this level would be an indication of weakness.
EURUSD: as explained in last week’s video, the major poc has migrated to 1.2330, and the chart currently prints below that level in a weaker price location.
USDJPY: also covered in the video was the 6mn poc for this chart migrating to 107. The chart is printing up from that level.
