emini analysis 27th April 2018 – pre-open from Chartprofit
Thursday’s session found its low at 2647 (which was) the 12mn poc. That’s a positive. Aggressive Buying (green-at-top) was marked. That’s another positive. But… firstly the high of Tuesday’s Aggressive Selling day is at 2684 (dashed line)and this has not yet been exceeded AND the 12mn poc just migrated up to 2672. This level is now important to monitor. If further Aggressive Buying is marked above 2672 it would indicate higher.
Index ETFs: SPY 264.50 = 9mn; IWM 153.50 = 1year
Stocks>50dyma numbers: Nyse 52% (from 49%), Nasdaq 50% (from 47%), R2000 56% (from 55%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was lower at 18.85. Up from 13.93 on 04/18, 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 on 04/16 Bull fund assets fell to their lowest level since October.
Bonds: TLT – at the end of last week broke below 119.00. Chart remains below that level in a weak price location.
Dollar Index: has today reached its highest level since early January.
Gold – GLD: The 4mn poc is at 125.23. GLD closed just below that level on Thursday.
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 broke the Support at 1.3965 (6mn poc) and is sharply lower today.
EURUSD: as explained in last week’s video, the major poc migrated to 1.2330. The chart ended the week below that level and is sharply lower this week.
USDJPY: The 6mn poc for this chart migrated to 107 last week and the chart is printing up from that level.
