Thursday 26th September
Short Term: Early in Wednesday’s session Tuesday’s session low was tested and ES rallied. The short term Resistance is at 3000.50, (1 month poc) and until ES prints time above this level it is wise to assume the bias is lower, respecting the Aggressive Selling day last week.
Longer Term: Since 4th September Value Areas have been generated above 2927, the 15mn poc, an indication of LT strength. As long as ES holds above that level it is in a strong LT position.
Market Charts: Nyse and R2000 stayed positive, Nasdaq turned neutral.
Stocks>50dyma numbers: Nyse 67%, Nasdaq 60%, R2000 69%. Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 20.14. Early in the month the ratio fell to 14.0 which was the lowest since 10th June.
Bonds – TLT: rallied powerfully in August reaching a new high on 08/28. Retraced sharply from there.
Dollar Index: w/e 06/14 the three year poc migrated to 97.00 – now Support. Early this month the July high was tested but the index is currently printing below that level.
Gold: The 8 month poc migrated to 141.7 earlier in the month and on Wednesday this Support was tested. The major 1/2R is at 143.0 and time above this level would be bullish. Interestingly, Cash Gold tested and held its equivalent 1/2R Support (1483) earlier in the month.
Oil: spiked higher early last week on events over the previous weekend. Has retraced from there. The Major POC Support is at 11.41.
GBPUSD: has rallied off this month’s low back to probe the 30mn at 1.2481. Currently printing down from that level.
EURUSD: in early July the chart broke back below 1.1310, the Major poc which put EURUSD back in a weaker position. Has today chart printed its lowest level since May 2017.
Dollar Index: w/e 06/14 the three year poc migrated to 97.00 – now Support. Early this month the July high was tested but the index is currently printing below that level.
Gold: The 8 month poc migrated to 141.7 earlier in the month and on Wednesday this Support was tested. The major 1/2R is at 143.0 and time above this level would be bullish. Interestingly, Cash Gold tested and held its equivalent 1/2R Support (1483) earlier in the month.
Oil: spiked higher early last week on events over the previous weekend. Has retraced from there. The Major POC Support is at 11.41.
GBPUSD: has rallied off this month’s low back to probe the 30mn at 1.2481. Currently printing down from that level.
EURUSD: in early July the chart broke back below 1.1310, the Major poc which put EURUSD back in a weaker position. Has today chart printed its lowest level since May 2017.
