emini analysis 1st August 2017 – pre-open from Chartprofit
Please read previous comments. As discussed, last week’s sell-off on Thursday was Supported at the minor 2456.50 poc. That minor poc (1month) has now migrated to 2468.0. The first minor sign weakness would be a Value Area printed below this level.
First Level Support = 2468.0 (1mn poc)
Second Level Support = 2436.50 (3mn poc)
Sentiment: My version of the Rydex Assets Ratio was slightly higher at 9.26. 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 60% (from 61%), Nasdaq 55% (unch), R2000 56% (unch). Numbers >50 are supportive.
Bonds: TLT – 06/26 TLT printed its highest level since November but has fallen back from there. Support is at 121.63, the 8mn poc.
Dollar Index: 07/14 broke below the Support at 95.57, the 2yr poc, and then fell sharply. On Monday chart printed its lowest level since May last year.
Gold: in mid-June GLD closed back below 119.84, the maj poc, and has been printing below that level in a weak price location since then. However this week GLD has been printing entirely above that level which is a strong price location.
Oil: USO – on Monday chart probed 10.28, the 4mn poc Resistance.
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, is Support – this was tested and held last week. Today the chart printed its highest level since September.
EURUSD: in April EURUSD tested the Support at 1.0597, the 7mn poc, and held. Earlier this month chart found higher low Support at 1.1329, the maj poc and has rallied strongly from there. Has today printed 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.
click graphic to enlarge
