emini analysis 9th November 2017 – pre-open
During last Friday’s session, Support was found at 2573, the minor (22day) poc and ES has rallied from there to a new high. A Value Area printed entirely below that level would be the first minor sign of weakness. Significant Selling (red) has not been marked for 57 days. Breadth numbers weakened, see below.
First Level LT Support = 2549 (2mn poc)
Sentiment: My version of the Rydex Assets Ratio was lower at 13.80 (from 14.18) having reached 18.34 last week, the highest ratio in the database.
Stocks>50dyma numbers: Nyse 59% (from 60%), Nasdaq 48% (from 49%), R2000 49% (from 50%). Numbers >50 are supportive.
Bonds: TLT – the 10mn poc is at 124.40. TLT has been printing above that level for five days and on Tuesday closed at a 30day high.
Dollar Index: 10/27 printed its highest level since late July. There is major poc Resistance at 95.50.
Gold: in early October GLD briefly tested the Major Support at 119.84. Has held since them. As long as chart holds above this level it is in a strong price location.
Oil: USO – on Wednesday printed its highest level since February. 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: 10/27 chart broke below the August low and on Wednesday printed its lowest level since July.
USDJPY: 111.30 is the 2year poc – for seven 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
