emini analysis 13th November 2017 – pre-open from Chartprofit
Value Areas last week were printed above 2573, the minor poc and Friday’s session found Support at that price, see chart. A Value Area printed entirely below that level would be the first minor sign of weakness. Pre-open today ES is printing very close to 2573. Significant Selling (red) has not been marked for 59 days.
First Level LT Support = 2549 (3mn poc)
Sentiment: My version of the Rydex Assets Ratio ended the week at 13.35 having reached 18.34 on 10/31, the highest ratio in the database.
Market Charts: Nyse remained neutral, Nasdaq & R2000 turned negative.
Stocks>50dyma numbers: Nyse 57%, Nasdaq 46%, R2000 48%. Numbers >50 are supportive.
Bonds: TLT – closed on Friday below 124.40, the 10mn poc. Chart needs to recover this level to remain in a strong price location.
Dollar Index: 10/27 printed its highest level since late July. There is major poc Resistance at 95.50.
Gold: in early October GLD briefly tested the Major Support at 119.84. Has held since them. As long as chart holds above this level it is in a strong price location.
Oil: USO – on Wednesday printed its highest level since February. As long as chart holds above 10.14, the major poc Support, it is in a strong price location.
GBPUSD: currently printing below 1.3234 (1/2R). The 9mn poc is at 1.2925 and this is LT Support.
EURUSD: 10/27 chart broke below the August low and last week printed its lowest level since July.
USDJPY: 111.30 is the 2year poc – for seven weeks the chart has been printing above that level which is now Support. The 1/2R off the December high is at 112.98 and the chart is also printing above that level.
click to enlarge graphic
