emini analysis 19th August 2016 – pre-open from Chartprofit
The minor poc (20 day) is now at 2177.50. the current distribution suggests development to 2220. The poc of that distribution is at 2158.50 and as long as ES holds that level it is in a strong price location.
First Level Support = 2158.50 (3mn poc)
Second Level Support = 2087.00 (major poc)
Stocks>50dyma numbers: Nyse 70% (from 67%), Nasdaq 69% (from 68%), R2000 69% (from 66%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio is at 6.27. Down from 7.74 on 08/08 which was a seven month high for the ratio.
Supporting Charts:
see today’s video
click graphic to enlarge
