emini 10th May 2018 – pre-open from Chartprofit
Wednesday’s session low was at 2672, the 12mn poc, see chart. I also marked Aggressive Buying (green-at-top) – obviously above that poc. This indicates that Buyers are back in control of the dayframe. As long as ES holds above 2672 it is in a strong price location.
First Level Support = 2672 (12mn poc)
Second Level Support = 2647 (4mn poc)
Index ETFs: SPY 266.00 = 9mn; IWM 153.50 = 1year
Stocks>50dyma numbers: Nyse 57% (from 54%), Nasdaq 58% (from 55%), R2000 61% (from 59%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was lower at 14.50 (from 17.00). The ratio fell significantly on a stron g day for the market – usually a ST bullish indication. On 04/18 the Ratio fell to 13.93, a 43 day low. On 04/16 Bull fund assets fell to their lowest level since October.
Bonds: TLT – is printing below 121.00, the major poc, in a weak price location and last week was rejected from the 1/2R Resistance off the February low.
Dollar Index: on Wednesday reached its highest level since December.
Gold – GLD: The 4mn poc is at 125.23 and GLD is printing below that level in a weaker price location.
Oil: USO – On Wednesday printed its highest level since November 2015. First sign of weakness would be time printed below 12.79, the 12mn poc.
GBPUSD: in mid April the major Value Area High at 1.4212 was probed for the second time this year and was rejected again. The Support at 1.3965 (6mn poc) was then broken and last week the Support trendline off the 2016 low was broken.
EURUSD: as explained in the video on 04/20, the major poc migrated to 1.2330. Since that point EURUSD has been printing below that level in a weaker price location and has today printed it lowest level since December.
USDJPY: The 6mn poc for this chart migrated to 107 three weeks ago and the chart is printing up from that level.
