emini analysis 30th October 2017 – pre-open from Chartprofit
Last week 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. Friday’s session generated a higher, wider Value Area and ES closed near the high of the week. Significant Selling (red) has not been marked for 49days. Within that period Aggressive Buying (green-at-top) has been marked six times. Also, see Sentiment, below.
First Level Support = 2549 (2mn poc)
Sentiment: My version of the Rydex Assets Ratio ended the week sharply higher at 18.05. This is an extreme ratio and the highest in the database.
Market Charts: Nyse, Nasdaq & UK stayed positive. R2000 stayed neutral.
Stocks>50dyma numbers: Nyse 68%, Nasdaq 67%, R2000 71%, UK 66%. Numbers >50 are supportive.
Bonds: TLT – last week printed its lowest level since May.
Dollar Index: on Friday printed 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 – on Friday printed its highest level since April. As long as chart holds above 10.14, the major poc Support, 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: on Thursday broke below the August low and printed a 3month low on Friday.
USDJPY: 111.30 is the 2year poc – for six weeks the chart has been printing above that level which is now Support. The 1/2R off the December high is at 112.98 and the chart is also printing above that level.
click to enlarge graphic
