emini analysis 3rd August 2017 – pre-open from Chartprofit
Please read previous comments. Last week’s sell-off on Thursday was Supported at the (then) minor 2456.50 poc. That minor poc (1month) is now at 2473.00. Pre-open today ES prints very close to that price. The first minor sign of weakness would be a Value Area printed below that level.
First Level Support/Resistance = 2473.0 (1mn poc)
Second Level Support = 2436.50 (3mn poc)
Sentiment: My version of the Rydex Assets Ratio reached 10.76 on Tuesday but fell back on Wdnesday to 8.98. On 06/30 the ratio reached 15.21, the highest in the database. The ratio reaching a new high has historically been a warning for the market.
Stocks>50dyma numbers: Nyse 58% (from 62%), Nasdaq 49% (from 56%), R2000 51% (from 57%). Numbers >50 are supportive.
Bonds: TLT – 06/26 TLT printed its highest level since November but has fallen back from there. Support is at 121.63, the 8mn poc.
Dollar Index: 07/14 broke below the Support at 95.57, the 2yr poc, and then fell sharply. On Wednesday chart printed its lowest level since May last year.
Gold: in mid-June GLD closed back below 119.84, the maj poc, and had been printing below that level in a weak price location since then. However this week GLD has been printing entirely above that level which is a strong price location.
Oil: USO – on Monday chart probed 10.28, the 4mn poc Resistance but has yet to print time above it.
GBPUSD: as long as chart holds above 1.278, the maj poc, it is in a strong price location in the LT. In the ST, 1.2936, the 5month poc, is Support – this was tested and held last week. Earlier today the chart printed its highest level since September but has sold-off from there.
EURUSD: in April EURUSD tested the Support at 1.0597, the 7mn poc, and held. Earlier this month chart found higher low Support at 1.1329, the maj poc and has rallied strongly from there. On Wednesday printed its highest level since early 2015.
USDJPY: The 12mn poc is at 111.30. Currently the chart prints below that level in a weak price location.
click to enlarge graphic
