emini analysis 6th October 2017 – pre-open from Chartprofit
Significant Selling (red) has not been marked for 32 days. Within that period Aggressive Buying (green-at-top) has been marked six times and the market is higher so this is Effective Buying. As long as ES holds above 2503 (1 month poc) it is in a strong price location in the ST. ES has fallen back a little pre-open today following a disappointing jobs report.
Minor Support = 2503 (1mn poc)
First Level LT Support = 2464.00 (3mn poc)
Sentiment: My version of the Rydex Assets Ratio was sharply higher at 11.4 (from 8.73). Up from Monday’s ratio at 6.96, an eight month low – and as I wrote”this, as the market is making new highs. In the short-term at least this is not normally bearish”. On 08/22 the ratio reached 15.64 which is the highest in the database.
Stocks>50dyma numbers: Nyse 78% (from 77%), Nasdaq 80% (from 78%), R2000 84% (from 82%). Numbers >50 are supportive.
Bonds: TLT – 09/08 TLT reached its highest level since November but has retraced from there to print a nine week low this week. Futures indicate a lower open for TLT today. There is Support at 123.40, the 9mn poc.
Dollar Index: has printed a 2month high today. The 8mn poc migrated to 93.46 this week and the index prints above that level (now Support) in a stronger price location. Resistance is at 95.50 the major poc.
Gold: 09/07 GLD printed its highest level since September – has retraced from there to print a six week low. Major poc is at 119.84 – the important LT Support.
Oil: USO – Last week USO reached the highest level since late May but has declined from there. Chart closed on Thursday just above 10.14, the major poc Support.
GBPUSD: 09/20 GBPUSD printed its highest level since June 2016. Has now retraced from there and on Thursday broke First Level Support at 1.3234 (1/2R).
The 9mn poc is at 1.2925 and this is Support.
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 and now approaching the August low..
USDJPY: 111.30 is the 2year poc – for three weeks the 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 – the chart is today printing above that minor Resistance.
click to enlarge graphic
