emini analysis 19th December 2017 – pre-open from Chartprofit
In the longer timeframe Thursday was a Reactive Selling day only and was completely retraced on Friday. Buyers are still in control. Monday gapped to a new high.
First Level ST Support = 2624.00 (minor poc)
First Level LT Support = 2573.50 (3mn poc)
Stocks>50dyma numbers: Nyse 68% (from 61%), Nasdaq 61% (from 55%), R2000 63% (from 56%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was lower at 15.70. The ratio reached 18.34 on 10/31, the ratio in the database.
Bonds: TLT – the 10mn poc Support is at 124.40. Two weeks ago this Support was closely approached but has held so far. Futures indicate a lower open today for TLT.
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 just above that level on Monday.
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: has tested the 1 year poc Support at 1.1755 and held so far.
USDJPY: Key Chart – late November the chart tested the Support at 111.30, the 2year poc, and held. Rallied from there to probe (but not exceed) the 113.70 maj poc Resistance. Chart is currently down from that level.
click to enlarge graphic
