emini analysis 1st November 2017 – pre-open from Chartprofit
Last week ES tested 2549, the 2mn poc, but recovered back above that Support. As long as ES holds above that level it is in a strong price location in the ST. Significant Selling (red) has not been marked for 51days. Within that period Aggressive Buying (green-at-top) has been marked six times.
Dayframe: a minor (17 day) poc has emerged at 2573. This may be a useful level to monitor for minor Support.
First Level Support = 2549 (2mn poc)
Sentiment: My version of the Rydex Assets Ratio was higher at 18.34 which is the highest in the database.
Stocks>50dyma numbers: Nyse 65% (from 63%), Nasdaq 65% (from 62%), R2000 67% (from 64%). Numbers >50 are supportive.
Bonds: TLT – the 10mn poc is at 124.40. TLT closed just above that level on Tuesday.
Dollar Index: on Friday 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 Tuesday printed its highest level since April. As long as chart holds above 10.14, the major poc Support, it is in a strong price location.
GBPUSD: currently printing above1.3234 (1/2R) in a strong price location. The 9mn poc is at 1.2925 and this is LT Support.
EURUSD: on Thursday broke below the August low and printed a 3month low on Friday.
USDJPY: 111.30 is the 2year poc – for six 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
