emini futures 24th October 2018 – pre-open from Chartprofit
Tuesday pre-open I wrote >>Pre-open today the major Support at 2718 has been tested. Price spending time below this level would be a negative. Bulls would want to see ES bounce back here.<<
Dayframe: We did get a bounce back above 2718. This major Support was previously tested on 10/11. The negative would be if price is accepted below that level. So the first minor positive here is a second rejected test of major Support. The next postive would be price rallying back to spend more time at 2760 (Monday’s poc) and then printing time above it. I remain cautious, especially as the Pulse chart still looks negative.
ES Resistance = 2774.00 (4mn poc) – ES major Support = 2718.00
ETFs: Major Levels. SPY = 271.7, IWM = 153.5.
Stocks>50dyma numbers: Nyse 16% (from 19%), Nasdaq 15% (from 16%), R2000 12% (from 15%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was slightly higher at b9.38. Monday’s ratio was sharply lower from Friday’s at 8.68, and was the lowest ratio in more than a year. This is a contrarian indicator. The peak reading is 27.55 recorded 09/07 which equalled the highest ratio in the database.
Bonds: TLT – declined sharply since breaking below 121.00, the major poc, at the start of September. Reached its lowest level since Sep 2014, earlier this month.
Dollar Index: The major poc is at 94.80. The chart had been oscillating around that level for three months. Is currently printing above the poc in a stronger price location and the chart printed a higher low at that Support.
Gold: GLD – The major poc is at 121.00 and this Support was broken 06/19. Chart remains in a LT weak position but has rallied recently. It is possible the poc could migrate lower with time – I am monitoring that.
Oil: USO – As long as chart holds above 12.79, the 12mn Support, it is in a LT strong price location. USO has retraced from the 10/03 high and we need to watch for that poc migrating higher.
GBPUSD: The major poc is at 1.3200. On 09/20 that Resistance was probed and rejected and it was probed but not exceeded, again last week. Printed a thirty five day low earlier today.
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.
USDJPY: the major poc is at 111.30. Chart is printing above that level.
