emini analysis 14th December 2017 – pre-open from Chartprofit
Last week ES found Support at 2624.00 and rallied back 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 62% (unch), Nasdaq 52% (from 49%), R2000 52% (from 49%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was slightly higher at 14.8. Tuesday’s ratio was a fifteen day low. 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 – is currently printing at 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 below that level on Tuesday.
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: this week (and last) has tested the 1 year poc Support at 1.1755. 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 this week has probed (but not exceeded) the 113.70 maj poc Resistance. Chart printing time above this level would put it in a strong price location.
click to enlarge graphic
