emini analysis 16th September 2016 – pre-open from Chartprofit
ES analysis: ES rallied back a little on Thursday to briefly probe above 2142.25, the 1/2R off the August high for this contract, see Thursday’s comments. This was rejected and ES has printed as low as
First Level Resistance = 2142.25 (1/2R off August high, Dec contract)
Major poc Support = 2087.00
Dayframe: the very minor (7 day) poc is now at 2135.00. Good reference level for today.
Stock index ETFs: minor 1/2R levels to watch for SPY and IWM – (note that these will change if the charts make new lows for this move). SPY = 215.95 IWM = 122.66
Stocks>50dyma numbers: Nyse 39% (from 32%), Nasdaq 53% (from 48%), R2000 48% (from 42%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was almost unchanged at 7.18. The ratio reached 7.9 on 08/26, a seven month high. As mentioned previously Rydex Bull fund assets reached a 10 day high on Monday – suggesting the Rydex traders were buying the dip which is a little worrying.
Supporting Charts:
see today’s video
click to enlarge graphic
