emini analysis 1st December 2017 – pre-open
Thursday’s session printed a new all time high. First sign of LT weakness would be a Value Area printed below 2573.50, the 3mn poc – hopefully a minor poc of some importance will emerge over the next few days to give a closer level to monitor for minor strenth/weakness. Significant Selling (red) has not been marked for 73 days.
First Level LT Support = 2573.50 (3mn poc)
Stocks>50dyma numbers: Nyse 69% (from 68%), Nasdaq 62% (unch), R2000 68% (from 69%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was slightly higher at 15.92. The highest ratio in the database is 18.34, recorded on 10/31.
Bonds: TLT – the 10mn poc Support is at 124.40. On Thursday this Support was closely approached but has held so far.
Dollar Index: in early July chart broke below 95.50, the major poc Support. Last week the index broke below 93.46, the 8mn poc, and this level, now Resistance, was probed (but not exceeded) yesterday.
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 I anticipated it might, the major poc has now migrated higher to 11.41. The migration of a maj poc often preceeds a directional move so price relative to this level now needs to be monitored closely.
GBPUSD: currently printing above 1.3234 (1/2R) in a strong price location. 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: Key Chart – over the last few days chart has tested the Support at 111.30, the 2year poc. Has so far held this level and rallied this week.
click graphic to enlarge
