emini analysis 15th November 2017 – pre-open from Chartprofit
On Monday the 3mn poc migrated slightly higher to 2578, see yesterday’s comments. That poc was Resistance in Tuesday’s session, see chart, and Tuesday’s Value Area was printed entirely below that level. This is a minor sign of weakness. Significant Selling (red) has not been marked for 61 days.
First Level LT Support = 2549 (4mn poc)
Sentiment: My version of the Rydex Assets Ratio was higher at 15.48 (from 13.89) having reached 18.34 on 10/31, the highest ratio in the database.
Stocks>50dyma numbers: Nyse 54% (from 56%), Nasdaq 46% (from 45%), R2000 49% (from 48%). Numbers >50 are supportive.
Bonds: TLT – on Friday chart tested the 124.40 (10mn poc) Support but has recovered back above that level this week. If it holds this level it is in a strong price location.
Dollar Index: I said in the video last week that strength in the dollar index would not be confirmed until it has printed some time above 95.50, the major poc Resistance. There has been a sell-off this week and today the index is testing the Support at 93.46, 8mn poc.
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 – As long as chart holds above 10.14, the major poc Support, it is in a strong price location in the LT. In the ST it has become technically overbought and is off from last week’s multi-month high.
GBPUSD: currently printing below 1.3234 (1/2R). The 9mn poc is at 1.2925 and this is LT Support.
EURUSD: Is today printing above 1.1755, the 1year poc, and above the 1/2R off this year’s high.
USDJPY: 111.30 is the 2year poc – for eight weeks the chart has been printing above that level which is now LT Support. The 1/2R off the December high is at 112.98 and the chart has broken below that ST Support today.
click to enlarge graphic
