Friday 27th September
Short Term: Thursday’s session generated an overlapping Value Area but not a significant rally after Wednesday’s decline. 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.
Sentiment: My version of the Rydex Assets Ratio was higher at 20.67. 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. Currently printing close to the August high.
Gold: The 8 month poc migrated to 141.7 earlier in the month and on Wednesday and Thursday this Support was tested. Cash Gold today indicates that GLD will open below that level.
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: 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 printed its lowest level since May 2017.
Dollar Index: w/e 06/14 the three year poc migrated to 97.00 – now Support. Currently printing close to the August high.
Gold: The 8 month poc migrated to 141.7 earlier in the month and on Wednesday and Thursday this Support was tested. Cash Gold today indicates that GLD will open below that level.
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: 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 printed its lowest level since May 2017.
