emini futures report 9th January 2018 – pre-open from Chartprofit
See the emini futures report graphic. I’ve extended the daily poc on each profile and you can see there’s no overlap between that level and the following day’s range indicating the strength of the move since the minor (2mn) poc migrated higher to 2686 on 12/29.
Since that date Aggressive dayframe Buying (green-at-top) was marked three times last week and again on Monday. Buyers in control. First sign of dayframe weakness would be Significant Selling (red) being marked and first sign of longer term weakness would be Significant Selling (red) marked below 2688.
First Level Support = 2688.00 (2mn poc)
Second Level Support = 2580 (4mn poc)
Stocks>50dyma numbers: Nyse 73% (from 72%), Nasdaq 66% (unch), R2000 60% (from 58%). Numbers >50 are supportive.
Sentiment: My (new) version of the Rydex Assets Ratio was lower at 14.21. The ratio has fallen sharply over six days having reached 22.27 on 12/28, the highest ratio in the database.
Bonds: TLT – on a 30 minute basis the 15 month poc recently migrated to 126.66. If price remains below this level it could be a negative. I would much prefer TLT printing above this level if I was looking at the long side.
Dollar Index: in early July chart broke below 95.50, the major poc = weak LT price location. 12/28 broke below the 1/2R off the Sep low and last week printed a three month low.
Gold: The major poc recently migrated back up to 121.00 and currently chart prints above this level in a strong price location. On Thursday cash gold printed a three month high.
Oil: USO – the major poc recently migrated higher to 11.41. The migration of a maj poc often preceeds a directional move. Last week USO has reached its highest level since June 2016.
GBPUSD: currently printing above 1.3234 (1/2R) in a strong price location.
EURUSD: in December chart tested the 1 year poc Support at 1.1755 and held. Is up from there. Last week the chart approached (but did not exceed) the September high. Eight day low printed today.
USDJPY: two failed probes into the 113.70 maj poc Resistance in December.
