emini futures 26th October 2018 – pre-open from Chartprofit
As shown on the charts sent after close yesterday, both the emini ES and SPY rallied intra-day on Thursday to probe the Major Resistance. However, this was rejected and pre-open today ES is printing back lower and has tested Wednesday’s low. Price below ES 2718 and SPY 271.70 is a weak location.
ETFs: Major Levels. SPY = 271.7, IWM = 153.5.
Stocks>50dyma numbers: Nyse 15% (from 13%), Nasdaq 12% (from 10%), R2000 12% (from 10%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio changed very little again – at 8.8, 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 in a strong price location and the chart printed a higher low at that Supportearlier in the month. Is today approaching the August high.
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. Has today printed its lowest level since mid-August.
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 today chart is approaching the August low.
USDJPY: the major poc is at 111.30. Chart is printing above that level.
