emini analysis 26th October 2017 – pre-open from Chartprofit
During Wednesday’s session 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 47days. Within that period Aggressive Buying (green-at-top) has been marked six times. See Sentiment, below.
First Level Support = 2549 (2mn poc)
On the Pulse Chart, daily price momentum (PriceOsc) for SPY remains positive (trend up) but has turned down.
Sentiment: My version of the Rydex Assets Ratio was sharply higher at 15.35, the second highest ratio in the database. On 08/22 the ratio reached 15.64.
Stocks>50dyma numbers: Nyse 68% (from 71%), Nasdaq 67% (from 71%), R2000 70% (from 74%). Numbers >50 are supportive.
Bonds: TLT – printed a 23week low on Wednesday and closed below 123.40, the 9mn Support.
Dollar Index: The 8mn poc is at 93.46. Currently the index is printing above that level.
Gold: 09/07 GLD printed its highest level since September – retraced from there to briefly test the Major Support at 119.84. As long as chart holds above this level it is in a strong price location.
Oil: USO – printing above 10.14, the major poc Support. As long as chart holds above this level it is in a strong price location.
GBPUSD: 09/20 GBPUSD printed its highest level since June 2016. Retraced from there and is today printing just below 1.3234 (1/2R). The 9mn poc is at 1.2925 and this is LT Support.
EURUSD: 09/08 printed its highest level since Jan 2015. Retraced from there to approach the August low but has rallied back a little.
USDJPY: 111.30 is the 2year poc – for five weeks the chart has been printing above that level which is now Support. Stronger price location. The 1/2R off the December high is at 112.98 and the chart is printing above that level.
click to enlarge graphic
