Chartprofit pre-open Monday 8th September

posted 07.50 a.m. est

Last week I marked Significant (but Ineffective) Selling twice and Significant Buying once, see previous comments. Buyers Reacted (green-at-bottom) below 1990 for the second time in six days. Two hours pre-open today ES is printing above 1998.50, its First Level Support. Price printing below this level would be weaker price location.

ES First Level Support = 1998.50 (35dy)
ES Second Level Support = 1949.00 (4mn)
ES Major Support = 1872

A Key Chart to monitor at the start of this week is IWM. Chart needs to hold above 115.41, 1/2R off July high, to maintain a strong price location. Last month Key Charts found low at their given Support and have rallied strongly (see eBook). These proven levels will be useful to monitor.

Breadth: CP Market Timing system turned neutral for Nyse, remained positive for Nasdaq and UK but turned negative for R2000.
Stocks>50dyma numbers: Nyse 60%, Nasdaq 54%, R2000 54%, UK 66%. Numbers >50 are supportive.

Sentiment: My version of the Rydex Assets Ratio ended the week at 8.9. The highest ratio being 10.47 On 07/29.

Supporting Charts:
Bonds TLT: Chart was sharply lower last week haveing reached its highest level in fifteen months the previous week. Pre-open today it prints below 117.15 (maj poc) in a weakened price location.
Dollar Index: has today printed its highest level since July last year.
Gold GLD: chart redently found resistance at 124.15, the 30mn poc, and last week fell from there sharply to a 50dy low. This chart has been consolidating for a year in a contracting type of pattern and we are looking for a directional move to begin soon.
Oil USO: Has sold-off since mid June. There is Support a little lower is at 34.17, the 1/2R off 2009 low.
EURUSD: Last Thursday broke the Support at 1.3066 (3yr poc) and subsequently printed its lowest level since July last year.