emini futures 15th October 2018 – pre-open from Chartprofit
The major Support at 2718.00 has held so far with ES printing up to probe the 2774 Resistance during Friday’s session, see chart. Price printing time above that level would be the first minor sign of strength.
Resistance = 2774.00 (4mn poc)
major Support = 2718.00
ETFs: SPY and IWM also held their major Support following brief tests; SPY = 271.7, IWM = 153.5.
Market Charts: All major Market Charts are negative.
Stocks>50dyma numbers: Nyse 15%, Nasdaq 14%, R2000 12%. Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio ended the week at 15.79. The peak reading is 27.55 recorded 09/07 which equalled the highest ratio in the database.
Bonds: TLT – declined sharply through since breaking below 121.00, the major poc, at the start of September. Reached its lowest level since Sep 2014 last week. Has bounce back a little.
Dollar Index: The major poc is at 94.80. The chart had been oscillating around that level for three months. Is currently printing 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 but rallied last week. It is possible the poc could migrated lower with time – I am monitoring for that.
Oil: USO – As long as chart holds above 12.79, the 12mn Support, it is in a LT strong price location – I have been saying this for months now. If USO should retrace we need to watch for that poc migrating higher. 10/03 the chart reached its highest level since October 2015.
GBPUSD: The major poc is at 1.3200. On 09/20 that Resistance was probed and rejected. Chart is currently printing just below that level.
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.
USDJPY: the major poc is at 111.30. Chart is printing just above that level but has fallen back over last few days.
