emini 6th August – pre-open from ChartProfit
The market bounced back last week. Monday’s red-at-bottom low was briefly tested on Thursday and ES rallied strongly from there. Aggressive Buying was marked on Friday. 2772 remains First Level Support. Price below that level would be the first sign of weakness.
Dayframe: The v min (28day) poc remains at 2815 and price relative to that level is worth monitoring re ST strength/weakness.
First Level Support = 2772 (minor poc)
Second Level Support = 2718.00 (12mn poc)
Stocks>50dyma numbers: Nyse 57%, Nasdaq 46%, R2000 48%. Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio ended the week at 17.98. The highest ratio in the database is 27.55 recorded on 01/30.
Bonds: TLT – 121.00 is the major poc. 07/20 TLT broke back below that level and last tested (but held) the 6mn Support at 118.50.
Dollar Index: The 6year poc is at 94.80. The chart is today printing above that level and a test of the June/July highs looks likely.
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. Last week GLD reached its lowest level since March 2017 and tested the major VAL at 114.50. Price acceptance (time) in this area of price would be a further negative.
Oil: USO – volatile recently but 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 has today printed its lowest level since early September last year.
EURUSD: 06/14 chart broke back below 1.1755, the 1year poc. Subsequently there were rejected probes into that Resistance and chart remains below that level in a weak position.
USDJPY: the major poc is now at 112.70 and currently USDJPY is printing below that level.
