emini analysis 16th November 2017 – pre-open from Chartprofit
The 3mn poc is moving around. On Monday it migrated slightly higher to 2578, see Tuesday’s comments. That poc was Resistance in Tuesday’s session (dashed line) and Tuesday’s Value Area was printed entirely below that level which was a minor sign of weakness. Overnight the poc has migrated back down to 2573.50. Pre-open ES prints close to this level. Significant Selling (red) has not been marked for 62 days.
First Level LT Support = 2549 (4mn poc)
Sentiment: My version of the Rydex Assets Ratio was almost unchanged at 15.43 having reached 18.34 on 10/31, the highest ratio in the database.
Stocks>50dyma numbers: Nyse 49% (from 54%), Nasdaq 44% (from 46%), R2000 45% (from 49%). Numbers >50 are supportive.
Bonds: TLT – on Friday chart tested (held) the 124.40 (10mn poc) Support but has recovered 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 on Wednesday the index is tested (held) 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 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: Has today tested 1.1755, the 1year poc Support.
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 prints very close to that ST Support today.
click to enlarge graphic
