emini futures 23rd March 2018 – pre-open from Chartprofit
Following the failed probe above 2760, the major Value Area high, the 7month poc migrated to 2725.00 on Tuesday, see Wednesday’s highlighted comments. I wrote “the migration of an important poc will often occur just before a new directional move begins so it is now important to monitor price relative to that level”. On Wednesday ES closed the day session below 2725 and on Thursday opened lower and fell heavily during the session. Aggressive Selling (red-at-bottom) was marked. ES is in a weak price location. I am cautious here if ES remains below 2725.
Major Resistance = 2725.00 (7mn)
Sentiment: as noted on Wednesday “My version of the Rydex Assets Ratio was lower at 21.0. Down from 22.81 on Monday, the highest since early February – there are only six readings higher than this in the database. As I wrote yesterday “a higher ratio on a notable down day is not usually an encouraging pattern in the short-term”.<< The ratio was only slightly lower at 20.19 on Thursday, a big down day for the market. The Ratio reached 27.55 on 01/30, the highest in the database.
Other charts – see today’s video
