emini futures 1st October 2018 – pre-open from Chartprofit
Dayframe: Last week the 1mn poc migrated to 2927.00. This level could be monitored at the start of the week to gauge ST strength/weakness. Pre-open ES has printed above 2935.
Longframe: First minor sign of weakness would be time printed below 2899. Daily momentun (PrOsc) on the Pulse Chart turned up on Friday.
First Level Resistance = 2927
First Level Support = 2899
Second Level Support = 2858
Market Charts: Nyse turned neutral; Nasdaq & R2000 turned negative.
Stocks>50dyma numbers: Nyse 46%, Nasdaq 43%, R2000 41%. Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio ended the week at 22.63. The peak reading is 27.55 recorded 09/07 which equalled the highest ratio in the database.
Bonds: TLT – has declined sharply over the last three weeks, (following its break below 121.00, the major poc). There is Resistance at 118.50, 6mn poc.
Dollar Index: The major poc is at 94.80. The chart has been oscillating around that level for three months. At the end of last week chart was printing back above the poc in a stronger 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. On Friday reached its highest level since October 2015.
GBPUSD: The major poc is at 1.3200. 09/20 that Resistance was probed and rejected. Chart is down from that point.
EURUSD: On 08/15 the chart printed its lowest level since July 2017. There was a rally back from there to probe 1.1755, the 1year poc Resistance. This was rejected and chart is printing lower from there.
USDJPY: the major poc is at 111.30. Chart is printing above that level and has today reached its highest level since November.
