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S&P 500 emini pre-open Monday 17th August

Posted on August 17, 2015 Written by Chart Prophet

S&P 500 emini pre-open Monday 17th August

Last week saw a rejected test of 2047.50, the eight month Value Area low (dashed line). However, the last four daily Value Areas have been printed below the 2095.00 poc and I need to see time printed above that level before anticipating any further strength. More time printed below 2095 is a negative, especially if it causes that controlling price to migrate lower. Time around 2070/75 would be of particular concern.

Second Level Resistance = 2095.00 (poc)
Support/Resistance today = 2080.25 (1/2R)

S&P Pulse Chart 17th August

Momentum (PriceOsc) is negative for all four Stock Index ETFS. This needs to improve, as does breadth, see below.

All CP Major Market Charts remain negative
Stocks>50dyma numbers: Nyse 41%, Nasdaq 34%, R2000 37%, UK 45%. Numbers >50 are supportive.

Sentiment: My version of the Rydex Assets Ratio ended the week at 9.46. The ratio fell as low as 8.67 on 07/14 which was an eight month low

Supporting Charts:
Bonds TLT: Last week printed its highest level since April. Momentum (PriceOsc) is still positive but has turned lower. There is Resistance at 126.69, the 1/2R off this year’s high.
Dollar Index: currently printing at 96.76, the 1/2R off March high. Price printing time above this level would be stronger location.
Gold GLD: Long term charts for Gold indicate major Support at the July price low. “If” this is broken Gold (and GLD) would be in a very weak price location.
Oil USO: closed the week at a new low.
EURUSD: is today printing above 1.0961, the 1/2R off March low in a stronger ST price location but there is Resistance at 1.1241, major 1/2R.

S&P 500 emini pre-open 17th August
S&P 500 emini pre-open 17th August

Filed Under: emini SP500 (ES)

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