emini futures 14th September 2018 – pre-open from Chartprofit
w/e 24th Aug SPY broke above the January high and has so far held that level. Significant Selling has not been marked for 32 days.
Negatives: See comments 08/29. Price did probe above 2900 and that level was rejected – but has recovered. The Pulse Chart now shows neutral breadth and there has been an ongoing negative divergence between price itself and the indicator which has 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. As long as ES holds that level it is in a strong price location.
Stocks>50dyma numbers: Nyse 53% (from 52%), Nasdaq 47% (from 48%), R2000 49% (unch). 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. But, this week the ratio has fallen quite sharply – now at 21.53, down for four consecutive days as the market has rallied each day. That’s not usually a bearish pattern in the ST.
Other charts: see today’s video
