emini analysis 5th August 2016 – pre-open from Chartprofit
Thursday’s session generated another higher, narrower Value Area. The 2month poc has migrated slightly – back to 2160.50. Significant Buying (green) marked above that poc would be a positive. Price relative to that level should be a good guide to ST strength/weakness. Pre-open today and following jobs data ES has printed as high as 2168.25. In the longer term as long as chart holds the Major poc Support at 2087 it is in a strong price locationT.
First Level Support = 2160.50 (2mn poc)
Second Level Support = 2087.00 (major poc)
Stocks>50dyma numbers: Nyse 64% (from 65%), Nasdaq 63% (from 65%), R2000 64% (from 66%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 6.12 which is a six month high.
Supporting Charts:
see today’s video
click graphic to enlarge
