emini 21st August 2018 from Chartprofit
The minor Dayframe Support (35day poc) is at 2815. Last Wednesday ES tested this Support but closed the day session back above it and then rallied to the end of the week generating higher Value Areas on Thursday, Friday and again on Monday. Aggressive Buying was marked on Friday and that green-at-top high was exceeded on Monday. First minor sign of weakness would be price printing time below 2815, e.g. a Value Area entirely below that level.
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 58% (from 55%), Nasdaq 51% (from 49%), R2000 56% (from 55%).
Sentiment: My version of the Rydex Assets Ratio was higher at 24.26. The 6month high for the ratio is close at 24.29. The highest ratio in the database is 27.55 recorded on 01/30.
Bonds: TLT – 121.00 is the major poc. Last week this Resistance was probed but no significant time was spent above it. Price above 121 would put TLT in a strong position. In late July the chart 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 and last week printed its highest level since June last year.
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 – 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 last week printed its lowest level since June 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. Last week the chart printed its lowest level since July 2017.
USDJPY: the major poc is at 112.70 and currently USDJPY is printing below that level.
