ES emini analysis 10th January 2018 – pre-open fromn Chartprofit
See yesterday’s ES emini analysis – highlighted comments. Tuesday’s price action maintained the strong trend indication but overnight ES has printed below 2740. 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 70% (from 73%), Nasdaq 66% (unch), R2000 59% (from 60%). Numbers >50 are supportive.
Sentiment: My (new) version of the Rydex Assets Ratio jumped to 18.66 (from 14.21). On 12/28 the ratio reached 22.27, 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. Cash gold has today printed its highest level since mid September.
Oil: USO – the major poc recently migrated higher to 11.41. The migration of a maj poc often preceeds a directional move. On Tuesday USO has reached its highest level since December 2015.
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.
USDJPY: two failed probes into the 113.70 maj poc Resistance in December. Has printed a 30day low today.
