emini futures 27th September 2018 – pre-open from Chartprofit
I have reviewed important POC Support levels for ES taking into account the switch from Sep to Dec as front month. The minor is at 2899.00 and the 2month is at 2858.00. ES declined sharply late session yesterday. Next sign of weakness is time printed below 2899, see Friday’s highlighted comments
First Level Support: 2899 (minor poc)
Second Level Support: 2858 (minor poc)
Stocks>50dyma numbers: Nyse 45% (from 50%), Nasdaq 42% (from 46%), R2000 38% (from 44%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was lower at 16.62, a 55day low. The peak reading is 27.55 recorded eleven days ago which equalled the highest ratio in the database.
Bonds: TLT – has declined sharply over the last three weeks, (following its break below 121.00, the major poc). Last week it also broke below 118.50, 6mn poc, (now Resistance) and came very close to testing the May low.
Dollar Index: The major poc is at 94.80. The chart is printing below that level but today is rallying back and approaching that Resistance.
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. On Tuesday reached its highest level since November 2015.
GBPUSD: The major poc is at 1.3200. Last week that Resistance was probed and rejected with chart falling sharply on Friday. Chart has rallied back this and probed the Resistance on Wednesday.
EURUSD: On 08/15 the chart printed its lowest level since July 2017. There has been a rally back from there to probe 1.1755, the 1year poc Resistance. Lower today.
USDJPY: the major poc is at 111.30 and chart is currently printing above that level.
