emini futures 13th September 2018 – pre-open from Chartprofit
Dayframe: a v min (25day) poc has emerged at 2887.00. Price relative to this level is worth monitoring as a clue to ST strength/weakness.
w/e 24th Aug SPY broke above the January high and has so far held that level. Significant Selling has not been marked for 31 days.
Negatives: See last highlighted comments 08/29. Price did probe above 2900 and that level has been rejected with price printing lower from there. The Pulse Chart now shows neutral breadth and there has been an ongoing negative divergence between price itself and the indicator which has just confirmed by the indicator turning down. Bulls would want to see this turning back up.
Positives: From the high day Significant Sellers have not been marked and the minor poc at 2858.50 has not yet been tested so although the market declined there is no clear sign of weakness until we see the Sellers (red) being marked and ES printing time below 2858.50.
Stocks>50dyma numbers: Nyse 52% (from 51%), Nasdaq 48% (from 49%), R2000 49% (from 52%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio reached 27.55 last Thursday which equals the highest ratio in the database. This week the ratio has fallen quite sharply – now at 23.36, down from Monday’s 26.75, as the market has rallied back.
Bonds: TLT – A sharp decline for TLT early last week and a further decline this week leaves the chart below 121.00, the major poc, in a weakened price location. There is Support at 118.50 (6mn poc) and this looks likely to be tested.
Dollar Index: The major poc is at 94.80. Currently the chart is printing below 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 very close to that level.
