emini futures 4th September 2018 – pre-open from Chartprofit
Early last week the S&P emini futures broke above the January high and has so far held that level. Significant Selling has not been marked for 24 days. The Rydex ratio is getting a little over-heated but I don’t see that yet in other Sentiment indicators. The Pulse Chart shows positive breadth and price momentum.
Market Charts: All U.S. Market Charts are positive; UK is negative.
Stocks>50dyma numbers: Nyse 59%, Nasdaq 60%, R2000 61%.
Sentiment: My version of the Rydex Assets Ratio ended the week at 25.49, down from Thursday’s 26.9. There are only three readings higher than this in the database and these were late January/early February with the highest 27.55 recorded on 01/30.
Bonds: TLT – 121.00 is the major poc. Last week TLT printed above that level in a strong price location but closed almost at 121 on Friday.
Dollar Index: The major poc is at 94.80. Last week the chart tested that level but is now printing up off that Support.
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 remains in a weak LT price location below 1.3170.
EURUSD: On 08/15 the chart printed its lowest level since July 2017. There was a strong rally back from there but it did not see EURUSD above 1.1755, the 1year poc Resistance. If chart prints below that level it remains in a weak LT position.
USDJPY: the major poc is now at 111.30 and chart is printing almost at that level today.
