emini 28th August 2018 – pre-open from Chartprofit
Last week, the very minor poc (20day) migrated to 2858.50. Thursday tested this level, see chart, but Friday finished the week above this level. The first sign of minor weakness would be time printed below this level.
There is further Support (minor) at 2815. Similar to last week’s price action described above, during the previous week (specifically 08/15) ES tested 2815 but closed the day session back above it and then rallied to the end of the week (08/17). First sign of weakness would be price printing time below 2815, e.g. a Value Area entirely below that level.
Market Charts: Nyse stayed positive; Nasdaq turned neutral from negative; R2000 stayed neutral.
Stocks>50dyma numbers: Nyse 60%, Nasdaq 55%, R2000 60%.
Sentiment: My version of the Rydex Assets Ratio was sharply higher on Monday at 23.77 (from 18.22). The 6month high for the ratio is 24.29 and the highest ratio in the database is 27.55 recorded on 01/30. Total assets (Bull + Bear) are also climbing and on Friday reached the highest level since early February.
Bonds: TLT – 121.00 is the major poc. Last week TLT printed above that level in a strong price location.
Dollar Index: The 6year poc is at 94.80. Today the chart has broken below that Support.
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 rallied back a little last two weeks.
EURUSD: On 08/15 the chart printed its lowest level since July 2017. Strong rally back from there but chart remains below 1.1755, the 1year poc in a weak LT position.
USDJPY: the major poc is now at 111.30 and chart has probed (but not printed above) that Resistance in the last few days.
