emini analysis 27th 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. Thursday’s session generated a higher but narrower Vlaue Area. Significant Selling (red) has not been marked for 48days. 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) is down.
Sentiment: My version of the Rydex Assets Ratio higher at 15.88. This is the highest ratio in the database.
Stocks>50dyma numbers: Nyse 66% (from 68%), Nasdaq 67% (from 67%), R2000 70% (unch). Numbers >50 are supportive.
Bonds: TLT – has this week printed its lowest level since May.
Dollar Index: is today printing its highest level since late July. There is major poc Resistance at 95.50.
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: currently printing 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. Has retraced from there and on Thursday broke below the August low.
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 also printing above that level.
click to enlarge graphic
