emini analysis 27th November 2017 – pre-open from Chartprofit
ES printed a new high on Friday above 2600. First sign of weakness would be a Value Area printed below 2573.50, the 3mn poc. Significant Selling (red) has not been marked for 69 days.
First Level Support = 2573.50 (3mn poc)
Market Charts: Nyse & R2000 stayed neutral; Nasdaq stayed positive.
Stocks>50dyma numbers: Nyse 60%, Nasdaq 55%, R2000 58%. Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio ended the week at 14.53 having reached 18.34 on 10/31, the highest ratio in the database.
Bonds: TLT – chart recently tested (held) the 124.40 (10mn poc) Support. If it holds this level it is in a strong price location.
Dollar Index: in early July chart broke below 95.50, the major poc Support. Last week the index broke below the further 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 USO has again probed 11.60 (maj VAH). Price acceptance at this higher level would be bullish. There is also the possibilty that the major poc could migrate higher – that will be monitored.
GBPUSD: currently printing above 1.3234 (1/2R). The 9mn poc is at 1.2925 and this is LT Support.
EURUSD: chart is printing above 1.1755, the 1year poc in a strong price location.
USDJPY: Currently testing the Support at 111.30, the 2year poc.
click to enlarge graphic
