emini analysis 15th December 2017 – pre-open from Chartprofit
Aggressive Selling (red-at-bottom) was marked on Thursday. In the dayframe (see below) this is an indication of weakness but the Value Area was printed entirely above 2624.00, the minor poc, so can be classified as Reactive Selling only. First sign of real weakness would be a Value Area printed below that level.
Dayframe: there is a very minor 1/2R off Wednesday’s high at 2663.50. Price relative to this level could be used today as an indication of ST strength/weakness.
First Level LT Support = 2573.50 (3mn poc)
Stocks>50dyma numbers: Nyse 54% (from 62%), Nasdaq 45% (from 52%), R2000 43% (from 52%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 16.06. 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. Chart is currently printing close to 93.46, the 8mn poc Support.
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 very close to that level on Thursday.
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 over the last few days has probed (but not exceeded) the 113.70 maj poc Resistance. Chart is currently down from that level.
click to enlarge graphic
