emini futures 11th October 2018 – pre-open from Chartprofit
On Tuesday after the close I wrote >>The 4mn poc has migrated to 2887.50. The Resistance at 2906 is now no longer valid but, more importantly, the Support at 2858.50 is also no longer valid. The important Support is lower at 2774.00. Critical now that ES holds 2887.50.<<
ES opened below that level on Wednesday and then collapsed. And, as I suggested, 2858.50 provide no Support. The 4mn poc at 2774 is the best reference level we have now and today ES has tested that level. More important Support is at 2718.00.
Support/Resistance = 2774.00 (4mn poc)
major Support = 2718.00
Stocks>50dyma numbers:Nyse 22%, Nasdaq 15%, R2000 16%. Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio is at 18.34. This has hardly changed this week even with the market falling hard. That’s not usually a bullish pattern in the ST. The peak reading is 27.55 recorded 09/07 which equalled the highest ratio in the database.
