emini 13th August 2018 – pre-open from Chartprofit
Dayframe: minor Dayframe Support (30day poc) is at 2815. Friday was lower but the Value Area was printed above that level indicating Reactive Selling even on this timeframe. First sign of dayframe weakness would be price printing time below 2815.
2772 remains First Level Support in the longer timeframe.
First Level Support = 2772 (minor poc)
Second Level Support = 2718.00 (12mn poc)
Market Charts: Nyse turned neutral from positive. Nasdaq and R2000 remained negative.
Stocks>50dyma numbers: Nyse 51%, Nasdaq 49%, R2000 51%.
Sentiment: My version of the Rydex Assets Ratio ended the week at 22.84. The highest ratio in the database is 27.55 recorded on 01/30.
Bonds: TLT – 121.00 is the major poc. Friday’s high was at this level. Price above 121 would put TLT in a strong position. In late July the chart tested (but held) the 6mn Support at 118.50.
Dollar Index: The 6year poc is at 94.80. The chart is printing above that level in a strong price location.
Gold: GLD – on 05/11 there was a rejected probe into 125.23, the 4mn poc, and chart fell sharply from there. The major poc is at 121.00 and this Support was broken 06/19. The chart has tested the major VAL at 114.50 and price acceptance (time) in this area of price would be a further negative. Cash indicates a lower open for GLD today.
Oil: USO – volatile recently but as long as chart holds above 12.79, the 12mn Support it is in a LT strong price location.
GBPUSD: The major poc is at 1.3170 and there was a rejected probe into that level in late July – chart is lower from there and last week printed its lowest level since June 2017.
EURUSD: 06/14 chart broke back below 1.1755, the 1year poc. Subsequently there were rejected probes into that Resistance and chart remains below that level in a weak position. Chart has today printed its lowest level since July 2017.
USDJPY: the major poc is now at 112.70 and currently USDJPY is printing below that level.
