emini futures 5th September 2018 – pre-open from ChartProfit
Early last week the S&P emini futures broke above the January high and has so far held that level. Significant Selling has not been marked for 25 days. The Rydex ratio has become a little over-heated but I don’t see that in other Sentiment indicators. The Pulse Chart shows positive breadth and price momentum.
Dayframe: A minor (18day) poc has emerged at 2897.50 and price relative to that level would be useful to monitor as a guide to ST strength/weakness. In the near term failure to print back above that level would indicate a test of the 2mn poc at 2858.50 is likely.
Stocks>50dyma numbers: Nyse 54% (from 59%), Nasdaq 55% (from 60%), R2000 56% (from 61%).
Sentiment: My version of the Rydex Assets Ratio was almost unchanged at 25.85.Last week the ratio reached 26.9 and there are only three readings higher than this in the database. These were late January/early February with the highest 27.55 recorded on 01/30.
Bonds: TLT – A sharp decline for TLT on Tuesday leaves the chart below 121.00, the major poc, in a weakened price location.
Dollar Index: The major poc is at 94.80. Last week the chart tested that level but is now printing up off that Support.
Gold: GLD – on 05/11 there was a rejected probe into 125.23, the 4mn poc, and chart fell sharply from there. The major poc is at 121.00 and this Support was broken 06/19.
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 1.3170 and there was a rejected probe into that level in late July. Chart remains in a weak LT price location below 1.3170.
EURUSD: On 08/15 the chart printed its lowest level since July 2017. There was a strong rally back from there but it did not see EURUSD above 1.1755, the 1year poc Resistance. If chart prints below that level it remains in a weak LT position.
USDJPY: the major poc is now at 111.30 and chart is currently printing above that level.
