emini futures analysis 12th January 2018 – pre-open from Chartprofit
emini futures analysis 12th January: Wednesday generated a lower Value Area but rallied back to close near the session high. Thursday’s session generated a higher Value Area and Aggressive Buying (green-at-top) was marked again as ES broke out to a new high. 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.
Dayframe: 2746.00 is the v min (10day) poc. For short term traders price relative to this level is worth monitoring as a guide to strength/weakness today.
First Level Support = 2688.00 (2mn poc)
Second Level Support = 2580 (4mn poc)
Stocks>50dyma numbers: Nyse 74% (from 68%), Nasdaq 72% (from 68%), R2000 68% (from 58%). Numbers >50 are supportive.
Sentiment: My (new) version of the Rydex Assets Ratio was almost unchanged at 17.45. On 12/28 the ratio reached 22.27, the highest ratio in the database.
Bonds: TLT – I wrote early last week that “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.” TLT has fallen this week to print its lowest level since late October.
Dollar Index: in early July chart broke below 95.50, the major poc = weak LT price location. 12/28 broke below the 1/2R Support off the Sep low and today has printed a thgree month low and looks set to test the September 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 09/15.
Oil: USO – the major poc recently migrated higher to 11.41. The migration of a maj poc often preceeds a directional move. On Thursday USO reached its highest level since December 2015.
GBPUSD: currently printing above 1.3234 (1/2R) in a strong price location. Has today reached its highest level since June 2016.
EURUSD: in December chart tested the 1 year poc Support at 1.1755 and held. Is up strongly from there. Has today reached its highest level since early 2015.
USDJPY: two failed probes into the 113.70 maj poc Resistance in December. Has printed a 30day low today.
