emini futures testing major Support again – pre-open from Chartprofit
Monday pre-open I wrote >>The important level to monitor at the start of this week is 2774.00. …..Price below 2774 is weaker location and would increase the chances of the major Support at 2718 being re-tested.<< see yesterday’s highlighted comments.
ES opened with a probe above 2774 which was immediately rejected. A Value Area was generated entirely below that level and ES finished the session in a weakened price location. Pre-open today the major Support at 2718 has been tested. Price spending time below this level would be a negative. Bulls would want to see ES bounce back here.
Resistance = 2774.00 (4mn poc) – major Support/Resistance = 2718.00
ETFs: Major Support/Resistance. SPY = 271.7, IWM = 153.5.
Stocks>50dyma numbers: Nyse 19% (from 21%), Nasdaq 16% (from 17%), R2000 15% (from 14%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was sharply lower at 8.68, the lowest ratio in more than a year. Down from 15.42 and largely due to a spike in Bear fund assets. The peak reading is 27.55 recorded 09/07 which equaled 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, earlier in the month but has bounced back. Futures indicate a highr open for TLT today.
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 has rallied recently. It is possible the poc could migrate lower with time – I am monitoring that. Cash indicate a higher open for GLD today.
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. Is down from that level and futures indicate a lower open for USO today.
GBPUSD: The major poc is at 1.3200. On 09/20 that Resistance was probed and rejected and it was probed but not exceeded, again last week. Has printed a thirteen day low earlier 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.
USDJPY: the major poc is at 111.30. Chart is printing above that level.
