emini futures 20th September 2018 – pre-open from Chartprofit
The high of Monday’s Aggressive Selling day was exceeded on Tuesday negating any ST negative implications of that imbalance. From pre-open Tuesday “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”.
Dayframe: There is a minor poc at 2893. This is a useful reference level for the ST.
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.
Stocks>50dyma numbers: Nyse 53% (from 54%), Nasdaq 45% (from 46%), R2000 45% (from 48%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was slightly lower at 24.10. The peak reading is 27.55 recorded eight days ago which equalled the highest ratio in the database.
Bonds: TLT – has declined sharply over the last three weeks, (when it broke below 121.00, the major poc). On Tuesday it closed in a further weakened location below 118.50 (6mn poc) and was lower on Wednesday, approaching the May low. This is an extremely weak price location.
Dollar Index: The major poc is at 94.80 and the chart is printing below that level in a weak 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 broken putting price in a stronger location.
EURUSD: On 08/15 the chart printed its lowest level since July 2017. There has been a strong rally back from there and today chart is probling above 1.1755, the 1year poc Resistance. If the chart is printing above that level it is in a stronger position.
USDJPY: the major poc is at 111.30 and chart is currently printing above that level.
