emini futures 4th October 2018 – from Chartprofit
Dayframe: The 1mn poc migrated to 2927.00, see Monday’s comments. Price has held that level this week, see chart, but overnight ES has printed below 2915. 2927.00 is now Resistance. Bulls would want to see a recovery back above that level.
Longframe: First minor sign of weakness would be time printed below 2899.
First Level Resistance = 2927
First Level Support = 2899
Stocks>50dyma numbers: Nyse 45% (from 43%), Nasdaq 39% (from 36%), R200 36% (from 32%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 20.20. 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) and on Wednesday broke to its lowest level since Sep 2014.
Dollar Index: The major poc is at 94.80. The chart has been oscillating around that level for three months and is now 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 Wednesday chart 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.
USDJPY: the major poc is at 111.30. Chart is printing above that level and has today reached its highest level since November.
