emini futures 18th September 2018 – pre-open from Chartprofit
Note: we are now following the Dec contract.
See highlighted comments 08/29. I wrote >>Distributions suggest that price above 2900 may be extended. If that is the case then a fast rejection will take place and price breaking back below the very minor poc at 2858.50 would be the first sign of weakness.<<
Price has again probed above 2900 and yesterday Aggressive Selling (red) was marked. In the longer timeframe this Selling is Reactive as it has been marked above the poc at 2858.50. If we see further Selling and price does in fact break below 2858.50 then I would assume further weakness.
On the Pulse Chart there has been an ongoing negative divergence between price itself and the Momentum indicator which was confirmed by the indicator turning down. Bulls would want to see this turning back up.
Dayframe: looking at the December contract in isolation and checking data just for that contract, we have a minor poc at 2893. This is a useful reference level for the ST.
Stocks>50dyma numbers: Nyse 54% (from 55%), Nasdaq 44% (from 48%), R2000 48% (from 51%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 24.24 (up from 18.38). The peak reading is 27.55 recorded six days ago which equalled the highest ratio in the database.
Bonds: TLT – has declined sharply over the last ten days, (when it broke below 121.00, the major poc). It remains in a weakened price location and is now testing the further Support at 118.50 (6mn poc). Bulls would want to see this level hold.
Dollar Index: The major poc is at 94.80 and the chart is now printing below that level in a weakened price location.
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 that Resistance.
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.
