emini 20th July 2018 – pre-open from Chartprofit
I can add very little to yesterday’s comments. Aggressive Buying (green) was marked twice last week and note that last week ES found Support at 2772, the minor poc (see chart) – this is First Level ST Support. First sign of ST weakness would be time printed below that level. ES stalled at the 9mn VAH, 2801 (dashed line), see last Thursday’s highlighted comments, but there was no fast rejection from this price level and this week Value Areas have printed entirely above it. I haven’t marked Significant Selling since April. Pulse Chart has improved. Price below 2718 would be the first sign of weakness in the longer term.
LT Support = 2718.00 (12mn poc)
Stocks>50dyma numbers: Nyse 60% (from 59%), Nasdaq 60% (from 61%), R2000 64% (from 61%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 23.85, the highest ratio since 29th May. The highest ratio in the database is 27.55 recorded on 01/30.
Other charts – see today’s video
