emini futures 29th October – pre-open from Chartprofit
The sessions on Thursday and Friday generated Value Areas entirely below 2718, the major poc, and indicate a weak price location. Price printing time back above that level would be a positive. Until that happens I remain cautious.
ETFs: Major Levels. SPY = 271.7, IWM = 153.5.
Stocks>50dyma numbers: Nyse 12%, Nasdaq 11%, R2000 10%. Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio ws higher on Friday – at 13.38. That’s up from the previous Monday’s ratio which was 8.68 and 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. Chart is currently printing in a strong price location having printed a higher low at that Support earlier in the month. Is now 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 earlier this month. On Friday 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 the chart is approaching the August low.
USDJPY: the major poc is at 111.30. Chart is printing above that level.
