emini 24th April 2018 – pre-open from Chartprofit
See Friday’s highlighted comments. Friday’s session broke the low of the previous Monday’s green-at-top day, see chart. This negated any ST strength implied by that Aggressive Buying day. However there is major poc Support at 2647 and that level has held so far keeping ES in a strong price location. It is possible that time printed above 2700 could lift that 9mn poc.
Index ETFs Support: SPY 264.50 = 9mn; IWM 153.50 = 1year
Stocks>50dyma numbers: Nyse 54% (from 55%), Nasdaq 54% (from 53%), R2000 59% (unch). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was almost unchanged at 20.27. Up from 13.93 last Wednesday, a 43 day low which indicated some nervousness from the Rydex traders. I’ve been concerned that we didn’t see any fear registering in March as the market fell but Bull fund assets fell this week to the lowest level since October.
Bonds: TLT – at the end of last week broke back below 119.00 which is weak price location.
Dollar Index: the 8mn poc is now at 89.62. The Index is printing above that level in a ST stronger price location.
Gold – GLD: The 4mn poc is at 125.23. GLD needs to hold that level to stay in a strong price location. GLD fell on Monday to close at 125.62, just above that Support.
Oil: USO – last week USO printed its highest level since November 2015. First sign of weakness would be time printed below 12.79, the 12mn poc.
GBPUSD: recently probed 1.4212, the major Value Area High, for the second time this year and looks to have been rejected again. Is today testing the Support at 1.3965 (6mn poc). Time below this level would be an indication of weakness.
EURUSD: as explained in last week’s video, the major poc has migrated to 1.2330, and the chart currently prints below that level in a weaker price location.
USDJPY: also covered in the video was the 6mn poc for this chart migrating to 107. The chart is printing up from that level and above 107.75, the neckline of a bottoming pattern??
