emini analysis 12th December 2017 – pre-open from Chartprofit
Note: we are now following the March contract. Last week ES found Support at 2624.00, the minor poc and rallied back above Tuesday’s high (2648.50) which negated any negative ST implications of that day’s Aggressive Selling, see Friday’s pre-open comments above. Aggressive Buying (green-at-top) was marked on Friday and Monday. ES price action is still positive, even in the short-term – i.e. a minor poc emerges, price finds Support at that level and rallies. First sign of ST weakness would be a Value Area printed below 2624.00. First sign of LT weakness would be a Value Area printed below 2573.50, the 3mn poc.
First Level LT Support = 2573.50 (3mn poc)
Stocks>50dyma numbers: Nyse 63% (from 61%), Nasdaq 49% (unch), R2000 48% (from 49%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was slightly lower at 15.55. The highest ratio in the database is 18.34 recorded on 10/31.
Bonds: TLT – the 10mn poc Support is at 124.40. Two weeks ago this Support was closely approached but has held so far.
Dollar Index: in early July chart broke below 95.50, the major poc Support. Subsequently broke below 93.46, the 8mn poc, as well but is now printing back above that level.
Gold: printing below 120.90, the maj poc in a weak price location.
Oil: USO – recently the major poc migrated higher to 11.41. The migration of a maj poc often preceeds a directional move. USO closed above that level.
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: printing very close to 1.1755, the 1year poc. Has so far held that Support. Price printing time below that level would put the chart in a weaker price location.
USDJPY: Key Chart – two weeks ago the chart tested the Support at 111.30, the 2year poc and held. Has rallied and is today approaching the 113.70 maj poc Resistance. Chart printing time above this level would put it in a strong price location.
click to enlarge graphic
