emini analysis 7th September 2017 – pre-open from Chartprofit
Following Wednesday’s Aggressive Buying last week, Thursday and Friday generated higher Value Areas above 2457.50, the minor three month Value Area High, see previous highlighted comments. Tuesday gave back those gains but as long as ES holds above the 2436.50 poc it is in a strong LT price location. Wednesday’s Value Area was narrower and overlapping/higher.
First Level Support = 2436.50 (7mn poc)
Sentiment: My version of the Rydex Assets Ratio was lower at 12.54. On 08/22 the ratio reached 15.64 which is the highest in the database. The ratio reaching a new high has historically been a warning for the market.
Stocks>50dyma numbers: Nyse 47% (from 48%), Nasdaq 45% (from 44%), R2000 42% (from 40%). Numbers >50 are supportive.
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