emini futures 2nd October 2018 – pre-open from Chartprofit
Dayframe: The 1mn poc migrated to 2927.00, see yesterday’s comments. Overnight ES dipped below 2918 – pre-open has rallied back to 2927.
Longframe: First minor sign of weakness would be time printed below 2899.
First Level Resistance = 2927
First Level Support = 2899
Second Level Support = 2858
Stocks>50dyma numbers: Nyse 45% (from 46%), Nasdaq 38% (from 43%), R2000 34% (from 41%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was almost unchanged at 22.96. The peak reading is 27.55 recorded 09/07 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) and yesterday almost tested the May low. There is Resistance at 118.50, 6mn poc.
Dollar Index: The major poc is at 94.80. The chart has been oscillating around that level for three months and is now 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 Monday reached its highest level since October 2015.
GBPUSD: The major poc is at 1.3200. 09/20 that Resistance was probed and rejected. Chart is down from that point.
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. Chart has today printed a 30dy low.
USDJPY: the major poc is at 111.30. Chart is printing above that level and on Monday reached its highest level since November.
