emini futures 24th September 2018 – pre-open from Chartprofit
Aggressive Buying was marked on Thursday and that green-at-top high was exceeded on Friday. In a strong market the low of a Buying day will usually hold – in this case 2926, see Friday’s comments.
First Level Support: 2893 (minor poc)
On the Pulse Chart the Momentum indicator has remained positive since early July. It turned up on Thursday but turned back down on Friday.
Market Charts: Nyse stayed positive; Nasdaq & R2000 stayed negative.
Stocks>50dyma numbers: Nyse 59%, Nasdaq 49%, R2000 51%. Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio ended the week at 19.30. The peak reading is 27.55 recorded nine 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). Last week it broke below 118.50 (6mn poc) and came very close to testing the May low.
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. Last week that Resistance was probed and rejected with chart falling sharply on Friday.
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 again probing above 1.1755, the 1year poc Resistance. Time printed above that level would out the chart in a stronger position.
USDJPY: the major poc is at 111.30 and chart is currently printing above that level.
