ES analysis – Monday 30th July 2018 from Chartprofit
On Wednesday, Aggressive Buying (green) was marked. Unusually that green-at-top high was not exceeded within the next two trading days and in fact Wednesday’s low was broken on Friday negating any ST positive implications of that Buying Imbalance. ES found Support twice at 2772, the minor poc and this remains First Level Support. Price below 2718 would be the first sign of weakness in the longer term.
First Level Support = 2772 (minor poc)
Second Level Support = 2718.00 (12mn poc)
Stocks>50dyma numbers: Nyse 54% (from 60%), Nasdaq 45% (from 55%), R2000 46% (from 56%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio is at 20.73 having reached 24.29, the highest ratio since February. The highest ratio in the database is 27.55 recorded on 01/30.
Bonds: TLT – 121.00 is the major poc. 07/20 TLT broke back below that level and is now in a weaker price location.
Dollar Index: On a thirty minute basis the 6year poc is at 94.80. The chart is currently printing above that level.
Gold: GLD – on 05/11 there was a rejected probe into 125.23, the 4mn poc, and chart fell sharply from there. The major poc is at 121.00 and this Support was broken 06/19.
Oil: USO – volatile recently but as long as chart holds above 12.79, the 12mn Support it is in a LT strong price location.
GBPUSD: in mid April the major Value Area High at 1.4212 was probed for the second time this year and was rejected again. The Support at 1.3965 (6mn poc) was then broken. The major poc Support is at 1.3170 and GBPUSD currently prints below that level in a weak price location.
EURUSD: 06/14 chart broke back below 1.1755, the 1year poc. There have been subsequent rejected probes into that Resistance but chart remains below that level in a weak price location.
USDJPY: is printing below 111.30, the 2year poc Resistance.
On Wednesday, Aggressive Buying (green) was marked. Unusually that green-at-top high was not exceeded within the next two trading days and in fact Wednesday’s low was broken on Friday negating any ST positive implications of that Buying Imbalance. ES found Support twice at 2772, the minor poc and this remains First Level Support. Price below 2718 would be the first sign of weakness in the longer term.
First Level Support = 2772 (minor poc)
Second Level Support = 2718.00 (12mn poc)
Stocks>50dyma numbers: Nyse 54% (from 60%), Nasdaq 45% (from 55%), R2000 46% (from 56%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio is at 20.73 having reached 24.29, the highest ratio since February. The highest ratio in the database is 27.55 recorded on 01/30.
Bonds: TLT – 121.00 is the major poc. 07/20 TLT broke back below that level and is now in a weaker price location.
Dollar Index: On a thirty minute basis the 6year poc is at 94.80. The chart is currently printing above that level.
Gold: GLD – on 05/11 there was a rejected probe into 125.23, the 4mn poc, and chart fell sharply from there. The major poc is at 121.00 and this Support was broken 06/19.
Oil: USO – volatile recently but as long as chart holds above 12.79, the 12mn Support it is in a LT strong price location.
GBPUSD: in mid April the major Value Area High at 1.4212 was probed for the second time this year and was rejected again. The Support at 1.3965 (6mn poc) was then broken. The major poc Support is at 1.3170 and GBPUSD currently prints below that level in a weak price location.
EURUSD: 06/14 chart broke back below 1.1755, the 1year poc. There have been subsequent rejected probes into that Resistance but chart remains below that level in a weak price location.
USDJPY: is printing below 111.30, the 2year poc Resistance.
