emini futures 21st September 2018 – pre-open from Chartprofit
From pre-open 29th August “price acceptance (time) above 2900 would be a further positive”.
Aggressive Buying (green-at-top) was marked on Thursday. In the ST this is usually a positive and in a strong market the low of a Buying day will usually hold.
First sign of weakness: A rejected probe above 2950 and a break of that low (2926).
First Level Support: 2893 (minor poc)
On the Pulse Chart the Momentum indicator has remained positive since early July and has just turned back up.
Stocks>50dyma numbers: Nyse 60% (from 53%), Nasdaq 51% (from 45%), R2000 52% (from 45%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was lower at 20.97. The peak reading is 27.55 recorded nine days ago which equalled the highest ratio in the database.
Bonds: TLT – has declined sharply over the last three weeks, (when it broke below 121.00, the major poc). On Tuesday it closed in a further weakened location below 118.50 (6mn poc) and was lower on Wednesday, approaching the May low.
Dollar Index: The major poc is at 94.80 and the chart is printing below that level in a weak 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 on Thursday chart probed above that Resistance but is today printing back just below it.
EURUSD: On 08/15 the chart printed its lowest level since July 2017. There has been a strong rally back from there and today chart is probing above 1.1755, the 1year poc Resistance. If the chart is printing above that level it is in a stronger position.
USDJPY: the major poc is at 111.30 and chart is currently printing above that level.
