emini analysis 29th December 2017 – pre-open from Chartprofit
See previous comments. There is a minor (27day) poc at 2687. Price relative to this level could be a guide to ST strength/weakness. See Sentiment, below.
First Level ST Support = 2624.00 (poc)
First Level LT Support = 2573.50 (3mn poc)
Stocks>50dyma numbers: Nyse 67% (from 66%), Nasdaq 57% (from 55%), R2000 54% (from 52%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was slightly lower at 18.67 having reached a new high on Wednesday at 19.00.
Bonds: TLT – last week tested 124.40, the 10mn poc Support and has rallied back from there. Strong price location.
Dollar Index: in early July chart broke below 95.50, the major poc = weak LT price location. Has this week broken below the 1/2R off the Sep low and has today printed its lowest level since September.
Gold: The major poc refcently migrated back up to 121.00 and currently chart prints above this level in a strong price location.
Oil: USO – the major poc recently migrated higher to 11.41. The migration of a maj poc often preceeds a directional move. This week USO has reached its highest level YTD.
GBPUSD: currently printing above 1.3234 (1/2R) in a strong price location.
EURUSD: earlier this month chart tested the 1 year poc Support at 1.1755 and held. Is up from there and has today printed its highest level since September.
USDJPY: two failed probes into the 113.70 maj poc Resistance this month and chart is down from there. Printed a 9 day low today.
click to enlarge graphic
