emini 29th August 2018 – pre-open from Chartprofit
Distributions suggest that price above 2900 may be extended. If that is the case then a fast rejection will take place and price breaking back below the very minor poc (20day) at 2858.50 would be the first sign of weakness. Price acceptance (time) above 2900 would be a further positive. In any event, I have not marked significant Selling for 21 days. There is further Support at 2815.
Stocks>50dyma numbers: Nyse 63%, Nasdaq 56%, R2000 59%.
Sentiment: My version of the Rydex Assets Ratio was almost unchanged at 23.07. The 6month high for the ratio is 24.29 and the highest ratio in the database is 27.55 recorded on 01/30.
Bonds: TLT – 121.00 is the major poc. Last week TLT printed above that level in a strong price location but closed just below it on Tuesday.
Dollar Index: The 6year poc is at 94.80. Today the chart is printing almost at 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 is probing this Resistance today.
