emini analysis 29th September 2017 – pre-open from Chartprofit
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. ES is currently printing above 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 higher at 9.42. 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% (unch), Nasdaq 71% (from 73%), R2000 77% (unch). 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 an eight week low this week.
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 has been probed this week but no time has yet been printed above it. 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 Thursday. 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 with Thursday reaching the highest level since late May.
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: 111.30 is the 2year poc – for eight days 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 chart has probed that minor Resistance but not overcome it.
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