emini analysis 14th November 2017 – pre-open from Chartprofit
Value Areas last week were printed above 2573. That poc was tested early in Monday’s session but ES rallied from there. Later in the day the poc (3mn) migrated higher to 2578.00. This is now First Level Support and a Value Area printed entirely below that level would be the first minor sign of weakness. Significant Selling (red) has not been marked for 60 days.
First Level LT Support = 2549 (3mn poc)
Sentiment: My version of the Rydex Assets Ratio was slightly higher at 13.89 having reached 18.34 on 10/31, the highest ratio in the database.
Stocks>50dyma numbers: Nyse 56% (from 57%), Nasdaq 45% (from 46%), R2000 48% (unch). Numbers >50 are supportive.
Bonds: TLT – closed on Monday just below 124.40, the 10mn poc. Chart needs to recover this level to remain in a strong price location.
Dollar Index: 10/27 printed its highest level since late July. There is major poc Resistance at 95.50.
Gold: in early October GLD briefly tested the Major Support at 119.84. Has held since them. As long as chart holds above this level it is in a strong price location.
Oil: USO – on Wednesday printed its highest level since February. As long as chart holds above 10.14, the major poc Support, it is in a strong price location.
GBPUSD: currently printing below 1.3234 (1/2R). The 9mn poc is at 1.2925 and this is LT Support.
EURUSD: 10/27 chart broke below the August low and last week printed its lowest level since July. Resistance at 1.1755, 1year poc.
USDJPY: 111.30 is the 2year poc – for seven weeks the chart has been printing above that level which is now Support. The 1/2R off the December high is at 112.98 and the chart is also printing above that level.
click to enlarge graphic
