emini futures 23rd November 2018 – pre-open from Chartprofit
Pre-open today ES has printed as low as 2626. It is in a weak position, see previous highlighted comments, above.
ETFs Maj POC Resistance: SPY 271.7, IWM 153.5
Stocks>50dyma numbers: Nyse 29%, Nasdaq 24%, R2000 26%. Numbers >50 are supportive.
Sentiment: On Wednesday my version of the Rydex Assets Ratio was almost unchanged at 12.33. Market has fallen over the last few days and the ratio has moved higher and as I’ve been saying recently, that’s concerning. 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 subsequently printed its lowest level since Jul 2014. Has bounced from there.
Dollar Index: 11/12 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 LT price location above that 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. There is minor Resistance at 116.0, the 11mn poc.
Oil: USO – Broke below 12.79, the 12mn poc, last week and has now tested 11.41, the Major Poc Support.
GBPUSD: remains in a weak LT location below 1.3200, the major poc.
EURUSD: 11/12 printed its lowest level since June 2017, breaking the August low. Chart remains in a weak price location if it prints below 1.1450.
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.
Pre-open today ES has printed as low as 2626. It is in a weak position, see previous highlighted comments, above.
ETFs Maj POC Resistance: SPY 271.7, IWM 153.5
Stocks>50dyma numbers: Nyse 29%, Nasdaq 24%, R2000 26%. Numbers >50 are supportive.
Sentiment: On Wednesday my version of the Rydex Assets Ratio was almost unchanged at 12.33. Market has fallen over the last few days and the ratio has moved higher and as I’ve been saying recently, that’s concerning. 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 subsequently printed its lowest level since Jul 2014. Has bounced from there.
Dollar Index: 11/12 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 LT price location above that 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. There is minor Resistance at 116.0, the 11mn poc.
Oil: USO – Broke below 12.79, the 12mn poc, last week and has now tested 11.41, the Major Poc Support.
GBPUSD: remains in a weak LT location below 1.3200, the major poc.
EURUSD: 11/12 printed its lowest level since June 2017, breaking the August low. Chart remains in a weak price location if it prints below 1.1450.
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.
