emini futures 17th 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 33 days.
See highlighted comments 08/29. On the Pulse Chart there has been an ongoing negative divergence between price itself and the Momentum indicator which has been confirmed by the indicator turning down. Bulls would want to see this turning back up. On Friday the Breadth indicator on the Pulse Chart turned positive.
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.
Market Charts: Nyse turned positive; Nasdaq and R2000 stayed negative.
Stocks>50dyma numbers: Nyse 55%, Nasdaq 48%, R2000 51%. Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio ended the week at 18.38. Down from 27.55 five days ago, the peak reading which equalled the highest ratio in the database. The ratio fell every day last week as SPX closed higher each day. That’s not usually a bearish pattern in the ST.
Bonds: TLT – has declined sharply over the last ten days leaving the chart below 121.00, the major poc, in a weakened price location. There is Support at 118.50 (6mn poc) and this was tested on Friday. Bulls would want to see this level hold.
Dollar Index: The major poc is at 94.80. Currently the chart is printing just below that level.
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 but is rallying back towards it.
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 above that level.
