The one month poc Resistance is at 2503. This is the level to watch – price printing time above this minor Resistance would be a ST positive. Two hours pre-open ES was printing at that level.
Minor Support/Resistance = 2503 (1mn poc)
First Level LT Support = 2464.00 (3mn poc)
Sentiment: My version of the Rydex Assets Ratio was slightly lower at 9.05. On 08/22 the ratio reached 15.64 which is the highest in the database. The ratio reaching a new high has historically been a warning for the market.
Stocks>50dyma numbers: Nyse 70% (from 67%), Nasdaq 73% (from 66%), R2000 77% (from 71%). Numbers >50 are supportive.
Bonds: TLT – since mid-May TLT has been printing above 121.63, the 8mn poc, in a strong price location. 09/08 TLT reached its highest level since November but fell back from there to print a six week low yesterday. December futures indicate another lower open for TLT today.
Dollar Index: 07/14 chart broke below the Support at 95.57, the 2yr poc, and then fell sharply – 09/08 printed its lowest level since early 2015. Resistance now at 93.41 (3mn poc) and this level was probed yesterday and today. DX currently prints just below that Res.
Gold: 09/07 GLD printed its highest level since September – has retraced from there to print a five week low on Wednesday. Major poc is at 119.84 – the important LT Support.
Oil: USO – the major poc is at 10.14. Price had been printing above that level in a stronger price location for a few days and was strongly higher on Monday reaching its highest level since late May. Futures indicate a higher open today for USO.
GBPUSD: in August chart tested, then consolidated above 1.2884, the 5mn poc, which put it in a strong price location. Having broken out above the August high two weeks ago, GBPUSD accelerated higher to print its highest level since June 2016. Has retraced a little from there.
EURUSD: in early July EURUSD found higher low Support at 1.1329, the maj poc and rallied strongly from there. 09/08 printed its highest level since Jan 2015 but has retraced from there to print a 28day low on Wednesday.
USDJPY – Key Chart: 111.30 is the 2year poc – for seven days chart has been printing above that level which is now Support. Stronger price location and chart has printed a 53 day high today. The 1/2R off the December high is at 112.98 and chart has just probed that minor Resistance.
click to enlarge graphic
