emini 28th September 2018 – pre-open from Chartprofit
ES spent enough time at 2927.00 on Thursday to lift the 1mn poc to this level – this is now First Level Resistance. The 2mn poc is now at 2899.00 and the 3mn is at 2858.00. There was a failed buying day on 09/20 (see last Friday’s highlighted comments) and the next minor sign of weakness would be time printed below 2899. The Pulse Chart has deteriorated with Breath turning negative – Bulls would want to see that improve.
First Level Resistance = 2927
First Level Support = 2899
Second Level Support = 2858
Stocks>50dyma numbers: Nyse 45% (unch), Nasdaq 42% (unch), R2000 38% (unch). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 18.62. Wednesday’s ratio at 16.62 was a 55day low. The peak reading is 27.55 recorded twelve 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 has been oscillating around that level for three months and is today printing back above the poc in a stronger 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. 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. Chart is printing an eleven day low today.
EURUSD: On 08/15 the chart printed its lowest level since July 2017. There was a rally back from there to probe 1.1755, the 1year poc Resistance. This was rejected and chart has today printed a thirteen day low.
USDJPY: the major poc is at 111.30. Chart is printing above that level and has today reached its highest level YTD.
