emini futures 12th November 2018 – pre-open from Chartprofit
See previous highlighted comments. I wrote “negative developments would be: a fast rejection of that level (2806 VAH) and a subsequent break below 2774 which is Wednesday’s green-day low (this rarely happens in a strong market).”
Currently ES is in a strong price location but… on Friday there was a break below Wednesday’s low. I have often described breaking below a buying-day low as negating any ST positive implications of the buying imbalance (green) but often it is a first sign of weakness on the dayframe. Price has held the minor (2mn) poc at 2761.50 so far – time below that level would indicate a re-test of the Major Support at 2718.00.
ETFs: Major Levels (now Support) SPY = 271.7, IWM = 153.5.
Market Charts: All major Market Charts stayed negative.
Stocks>50dyma numbers: Nyse 37%, Nasdaq 32%, R2000 31%. Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio ended the week at 10.11. On Monday the ratio fell to 8.15 which 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. 11/02 broke lower and printed its lowest level since Jul 2014.
Dollar Index: Another thrust higher today and DXY has printedits highest level since June 2017). The major poc is at 94.80 and chart printed a higher low at that Support earlier in the month – it remains in a strong price location above tht level.
Gold: GLD – The major poc is at 121.00 and this Support was broken 06/19. Chart remains in a LT weak position. It is possible the poc could migrate lower with time – I am monitoring that.
Oil: USO – On Friday chart closed below 12.79, the 12mn poc, in a weaker price location. USO has retraced sharply from the 10/03 high.
GBPUSD: remains in a weak LT location below 1.3200, the major poc. Has today broken below 1.2978, the minor 1/2R off the August low.
EURUSD: has today printed its lowest level since June 2017, breaking the August low. Chart remains in a weak LT price location if it prints below 1.1450, the 1/2R off 2016 low.
USDJPY: the major poc is at 111.30. Chart is printing above that level and looks to have formed a higher low at that poc.
