emini 22nd August 2018 – pre-open from Chartprofit
The minor Dayframe Support (36day poc) is at 2815. Last week (08/15) ES tested this Support but closed the day session back above it and then rallied to the end of the week and generating higher Value Areas since then. Aggressive Buying was marked on Friday. First minor sign of weakness would be price printing time below 2815, e.g. a Value Area entirely below that level.
First Level Support = 2772 (poc)
Second Level Support = 2718.00 (12mn poc)
Stocks>50dyma numbers: Nyse 62% (from 58%), Nasdaq 54.8% (from 51%), R2000 60% (from 56%).
Sentiment: My version of the Rydex Assets Ratio was lower at 20.37 (from 24.26). The 6month high for the ratio is 24.29. The highest ratio in the database is 27.55 recorded on 01/30.
Bonds: TLT – 121.00 is the major poc. Last week this Resistance was probed but no significant time was spent above it. Price above 121 would put TLT in a strong position. This week TLT has been printing above that level.
Dollar Index: The 6year poc is at 94.80. Big down day on Tuesday but 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.
Oil: USO – 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. Is rallying back a little this week.
EURUSD: Last week the chart printed its lowest level since July 2017. Strong rally back this week but chart remains below 1.1755, the 1year poc in a weak LT position.
USDJPY: the major poc is at 112.70 and currently USDJPY is printing below that level.
