ES analysis Wednesday 1st August 2018 from Chartprofit
Green-at-top highs and Red-at-bottom lows indicate continuation in the short term. Unusually, the Buying imbalance last Wednesday and the Selling imbalance on Monday did not see follow-on in price. On the rare occasions this happens it nearly always means a poc of some degree is emerging between the two levels. And I note that the v min (25day) poc just migrated up to 2815. Minor positives yesterday are – ES held 2804 (see Tuesday’s comments) and Aggressive Buying was marked. In the very short term price above 2815 is strong price location. 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.
First Level Support = 2772 (minor poc)
Second Level Support = 2718.00 (12mn poc)
Stocks>50dyma numbers: Nyse 59% (from 54%), Nasdaq 44% (from 41%), R2000 49% (from 44%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was unchanged at 22.02. 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: 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.
USDJPY: printing above 111.30, the 2year poc, with the major at 113.70.
