emini 2nd May 2018 – pre-open from Chartprofit
See Friday’s comments (highlighted). Friday’s session generated a Value Area just below 2672, the 12mn poc. Aggressive Buying marked above that poc would be a positive but as explained in we also need to see ES printing above the high of last Tuesday’s Aggressive Selling day which has not happened yet. This is at 2684 (dashed line). Monday’s session opened above the 2672 poc and immediately sold-off and Tuesday’s session generated a lower Value Area.
Index ETFs: SPY 264.50 = 9mn; IWM 153.50 = 1year
Stocks>50dyma numbers: Nyse 48%, Nasdaq 46%, R2000 50%. Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was almost unchanged again at 20.0. Up from 13.93 on 04/18, 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 on 04/16 Bull fund assets fell to their lowest level since October.
Bonds: TLT – is printing below 121.00, the major poc, in a weak price location and this week has been rejected from the 1/2R Resistance off the February low.
Dollar Index: has reached its highest level since early January.
Gold – GLD: The 4mn poc is at 125.23. GLD has broken below that level and is currently in a weaker price location.
Oil: USO – recently printed its highest level since November 2015 and is currently holding close to that high. 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. Last week broke the Support at 1.3965 (6mn poc) and has now broken the Support trendline off the 2016 low.
EURUSD: as explained in the video on 04/20, the major poc migrated to 1.2330. Since that point EURUSD has been printing below that level in a weaker price location.
USDJPY: The 6mn poc for this chart migrated to 107 two weeks ago and the chart is printing up from that level.
