emini futures 19th September 2018 – pre-open
See yesterday’s highlighted comments.
The high of Monday’s Aggressive Selling day was exceeded on Tuesday negating any ST negative implications of that imbalance. From pre-open yesterday “In the longer timeframe this Selling is Reactive as it has been marked above the poc at 2858.50”. ES is now printing back above 2900, and from pre-open 29th August “price acceptance (time) above 2900 would be a further positive”.
On the Pulse Chart there has been an ongoing negative divergence between price itself and the Momentum indicator which was confirmed by the indicator turning down. Bulls would want to see this turning back up.
Dayframe: There is a minor poc at 2893. This is a useful reference level for the ST.
Stocks>50dyma numbers: Nyse 54% (unch), Nasdaq 46% (from 44%), R2000 48% (unch). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was slightly higher at 24.84. The peak reading is 27.55 recorded six days ago which equalled the highest ratio in the database.
Bonds: TLT – has declined sharply over the last ten days, (when it broke below 121.00, the major poc). On Tuesday it closed in a further weakened location below 118.50 (6mn poc). This is an extremely weak position and Bulls would want to see the chart recover that level as soon as possible.
Dollar Index: The major poc is at 94.80 and the chart is currently printing just below that level in a weakened price location.
Gold: GLD – The major poc is at 121.00 and this Support was broken 06/19. Chart remains in a LT weak position.
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 1.3200 and today that Resistance has been probed. Chart remains in a weak LT price location if it prints below that level.
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 the chart is printing below that level it remains in a weak LT position.
USDJPY: the major poc is at 111.30 and chart is currently printing above that level.
