emini analysis: Please read previous comments. As long as ES prints above 2159.50 it is in a LT strong price location. The last eleven Value Areas have been printed above that level.
Dayframe: First minor sign of weakness would be a Value Area generated below 2200 which is now the 5week poc. Wednesday’s VA was printed above this level.
First Level Support = 2159.50 (6month poc)
Second Level Support = 2106.50 (1/2R off August high)
Stocks>50dyma numbers: Nyse 66% (unch), Nasdaq 65% (from 67%), R2000 74% (from 76%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio is at 6.32. On 08/26 the ratio reached 7.90, the highest ratio for the last ten months.
Supporting Charts
Bonds: TLT – last week the chart printed as low as 119.25, its lowest level since December. The major poc Support is at 117.15.
Dollar Index: last week reached its highest level since April 2003.
Gold: Last week GLD broke below 115.69, the 1/2R off last year’s low which put the chart in a weak price location. On Wednesday the chart printed its lowest level since early February.
Oil: USO – is now printing back above 10.78, the maj poc in a strong price location. This is a Key Chart.
EURUSD: in early October chart broke below 1.1165, the 4yr poc, and has been in a weak price location since then. Last week printed as low as 1.0515, its lowest level since December.
click graphic to enlarge
