emini futures 7th September 2018 – pre-open
On the S&P 500 emini futures September contract Significant Selling has not been marked for 27 days.
See Wednesday’s highlighted comments. Price did probe above 2900 and that level has been rejected with price printing lower Value Areas since that happened.
The last five session bars have printed lower highs and lower lows. That’s an indication of weakness but Significant Sellers have not yet been marked (not for 27 days) and the minor poc at 2858.50 has not yet been tested. The Pulse Chart still shows positive breadth and price momentum but there is an ongoing (but unconfirmed) negative divergence between price itself and the price momentum indicator, as described in last week’s video. One other indicator to note is the Rydex ratio, see below. Price printing time below 2858.50 would be the first sign of weakness.
Stocks>50dyma numbers: Nyse 53% (from 56%), Nasdaq 53% (from 56%), R2000 55% (from 58%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio reached 27.55 on Thursday whiich equals the highest ratio in the database.
Other Charts – see today’s video
