emini analysis 2nd August 2018 from Chartprofit
Tuesday’s green-at-top high was briefly broken but then ES sold off and generated a lower Value Area, i.e. once again no follow-on buying, see Wednesday’s comments. The v min (25day) poc remains at 2815 and price below that level is weak price location in the dayframe. 2772 remains First Level Support. Price below that level would be the first sign of weakness. Price below 2718 would be the first sign of weakness in the longer term.
First Level Support = 2772 (minor poc)
Second Level Support = 2718.00 (12mn poc)
Stocks>50dyma numbers: Nyse 54% (from 59%), Nasdaq 44% (unch), R2000 47% (from 49%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 23.06. The highest ratio in the database is 27.55 recorded on 01/30.
Bonds: TLT – 121.00 is the major poc. 07/20 TLT broke back below that level and on Wednesday tested the 6mn Support at 118.50.
Dollar Index: The 6year poc is at 94.80. The chart is today printing just above that level.
Gold: GLD – on 05/11 there was a rejected probe into 125.23, the 4mn poc, and chart fell sharply from there. The major poc is at 121.00 and this Support was broken 06/19.
Oil: USO – volatile recently but as long as chart holds above 12.79, the 12mn Support it is in a LT strong price location.
GBPUSD: The major poc is at 1.3170 and there was a rejected probe into that level last week – chart is lower from there. Weak position.
EURUSD: 06/14 chart broke back below 1.1755, the 1year poc. There have been subsequent rejected probes into that Resistance and chart remains below that level in a weak position.
USDJPY: currently printing at 111.30, the 2year poc. Major at 113.70.
