emini futures 13th November 2018 – pre-open from Chartprofit
On Monday ES broke below 2761.50 early in the session and then sold-off, almost to the major Support at 2718, see Monday’s highlighted comments. Important now that ES holds this Support. A higher low at a major poc can be a bullish pattern but if ES breaks below that level it will be back in a weak LT position. Prudent Bulls would wait for Signiicant Buying (green) to be marked above that level.
ETFs: Major Levels SPY = 271.7 (now Support), IWM = 153.5 (now Resistance)
Stocks>50dyma numbers: Nyse 30% (from 37%), Nasdaq 26% (from 32%), R2000 26% (from 31%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 10.99. This on a day when the market was sharply lower. On 11/05 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. Has bounced from there.
Dollar Index: On Monday DXY printed its 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 – Is printing 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. On Monday broke below 1.2978, the minor 1/2R off the August low but has today retraced back to that level (now Resistance).
EURUSD: On Monday 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.
