emini futures 10th September 2018
Pre-open report for the S&P emini futures from ChartProfit. See last Wednesday’s highlighted comments. Price did probe above 2900 and that level has been rejected with price printing lower Value Areas since that happened.
The last six session bars have printed lower highs and lower lows. That’s an indication of weakness but Significant Sellers have not yet been marked (not for 28 days) and the minor poc at 2858.50 has not yet been tested. The Pulse Chart still shows positive breadth and price momentum but there is an ongoing (but unconfirmed) negative divergence between price itself and the price momentum indicator. One other indicator to note is the Rydex ratio, see below. Price printing time below 2858.50 would be the first sign of weakness.
Stocks>50dyma numbers: Nyse 51%, Nasdaq 51%, R2000 53%. Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio reached 27.55 on Thursday which equals the highest ratio in the database.
Bonds: TLT – A sharp decline for TLT early last week leaves the chart below 121.00, the major poc, in a weakened price location.
Dollar Index: The major poc is at 94.80. Late August the chart tested that level but has held that Support.
Gold: GLD – The major poc is at 121.00 and this Support was broken 06/19. Chart remains in a LT weak position.
Oil: USO – As long as chart holds above 12.79, the 12mn Support it is in a LT strong price location.
GBPUSD: The major poc is at 1.3200 and there was a rejected probe into that level in late July. Chart remains in a weak LT price location below that level.
EURUSD: On 08/15 the chart printed its lowest level since July 2017. There was a strong rally back from there but it did not see EURUSD above 1.1755, the 1year poc Resistance. If the chart is printing below that level it remains in a weak LT position.
USDJPY: the major poc is now at 111.30 and chart is currently printing just below that level.
