emini futures – 25th October 2018 from Chartprofit
I wrote pre-open yesterday that the negative would be if price were accepted below the 2718 major poc. During Wednesday’s session ES broke that Support and declined swiftly to a new low for this move. Overnight and pre-open today it remains in a weak position below that level.
ETFs: Major Levels. SPY = 271.7, IWM = 153.5.
Stocks>50dyma numbers: Nyse 13% (from 16%), Nasdaq 10% (from 15%), R2000 10% (from 12%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was almost unchanged at 9.1, but Bear Fund Assets that I follow reached the highest level since December 2016. Monday’s ratio was sharply lower from Friday’s at 8.68, and was the lowest ratio in more than a year. The peak reading is 27.55 recorded 09/07 which equalled the highest ratio in the database.
Bonds: TLT – declined sharply since breaking below 121.00, the major poc, at the start of September. Reached its lowest level since Sep 2014, earlier this month.
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 and the chart has printed a higher low at that Support.
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.
Oil: USO – As long as chart holds above 12.79, the 12mn Support, it is in a LT strong price location. USO has retraced from the 10/03 high and we need to watch for that poc migrating higher.
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. Printed a thirty six 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.
