emini analysis 8th August 2018 from Chartprofit
I’ve marked Aggressive Buying three times over the last six days and the market is higher inicating this is Effective Buying. Even in the dayframe ES is printing above Support which is the 30day poc at 2815. Price above that level is strong location. 2772 remains First Level Support in the longer timeframe.
First Level Support = 2772 (minor poc)
Second Level Support = 2718.00 (12mn poc)
Stocks>50dyma numbers: Nyse 59% (from 57% ), Nasdaq 50% (from 49%), R2000 52% (from 51%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 17.05. As I wrote yesterday “The market has been higher each of the last three days and the ratio has been lower – that’s usually ST bullish”. 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 last week tested (but held) the 6mn Support at 118.50.
Dollar Index: The 6year poc is at 94.80. The chart is printing above that level in a strong price location.
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. Last week GLD reached its lowest level since March 2017 and has now tested the major VAL at 114.50. Price acceptance (time) in this area of price would be a further negative.
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: The major poc is at 1.3170 and there was a rejected probe into that level in late July – chart is lower from there and has today printed its lowest level since August 2017.
EURUSD: 06/14 chart broke back below 1.1755, the 1year poc. Subsequently there were rejected probes into that Resistance and chart remains below that level in a weak position.
USDJPY: the major poc is now at 112.70 and currently USDJPY is printing below that level.
