ES analysis Tuesday 31st July 2018 from Chartprofit
Aggressive Selling (red) was marked on Friday and again on Monday. Red-at-bottom lows are usually tested within a day (or two). New long trades are eliminated for me, at least until Significant Buying (green) is marked. This Selling can be considered Reactive because it has taken place above 2772, the minor poc and 2772 remains First Level Support. Price below that level would be the first sign of weakness in the ST. Price below 2718 would be the first sign of weakness in the longer term.
Dayframe: a v min poc (25day) poc has emerged at 2804. Pre-open, ES was printing above that level which can be monitored as an ST gauge of strength/weakness.
First Level Support = 2772 (minor poc)
Second Level Support = 2718.00 (12mn poc)
Stocks>50dyma numbers: Nyse 54% (unch), Nasdaq 41% (from 45%), R2000 44% (from 46%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 22.05. 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 below 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 just below that level.
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 (just).
USDJPY: is today printing above 111.30, the 2year poc.
