emini analysis 15th August 2017 – pre-open from Chartprofit
See previous highlighted comments. Monday printed above Thursday’s session high which negates any ST weakness implied by Thursday’s Aggressive Selling (red-at-bottom). Thursday’s sell-off was halted at the First Level Support at 2436.50 and a Value Area generated below this level would be an indication of weakness in the longer timeframe. Pre-open today ES has probed 2473 (2mn poc) but has not printed any time above that Resistance – that would be a positive.
First Level Resistance = 2473.00 (2mn poc)
First Level Support = 2436.50 (7mn poc)
Sentiment:My version of the Rydex Assets Ratio was almost unchanged at 14.46. On Friday Bull fund assets that I follow reached the highest level for the year to date. On 06/30 the ratio reached 15.21, the highest in the database. On 06/30 the ratio reached 15.21, the highest in the database. The ratio reaching a new high has historically been a warning for the market.
Stocks>50dyma numbers: Nyse 48% (from 40%), Nasdaq 41% (from 33%), R2000 40% (from 31%). Numbers >50 are supportive.
Bonds: TLT – since mid-May TLT has been printing above 121.63, the 8mn poc, in a strong price location. Futures indicate TLT will open lower today.
Dollar Index: 07/14 broke below the Support at 95.57, the 2yr poc, and then fell sharply. Chart remains below that level in a weak LT price location.
Gold: GLD is now printing back above 119.84, the maj poc, in a strong LT price location. Cash indicates that GLD will open lower today.
Oil: USO – the 4mn poc Resistance has been probed twice recently but has not exceeded and is down from that level.
GBPUSD: as long as chart holds above 1.278, the maj poc, it is in a strong price location in the LT. In the ST, 1.2936, the 5month poc Support has been broken today.
EURUSD: in early July EURUSD found higher low Support at 1.1329, the maj poc and has rallied strongly from there to its highest level since early 2015.
USDJPY: The 12mn poc is at 111.30. Currently the chart prints below that level in a weak price location.
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