emini futures 17th January 2018 – pre-open from Chartprofit
See yesterday’s highlighted comments. Intraday Sellers were active on Tuesday, see Price and Tick numbers, but only managed to generate an “outside Value Area so this Selling was not Effective on the dayframe. Buyers remain Active and Effective. 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: For short term traders price relative to 2746.00 (13day poc) is worth monitoring as a guide to ST strength/weakness.
First Level Support = 2688.00 (2mn poc)
Second Level Support = 2580 (4mn poc)
Stocks>50dyma numbers: Nyse 69% (from 74%), Nasdaq 70% (from 73%), R2000 63% (from 66%). Numbers >50 are supportive.
Sentiment: My (new) version of the Rydex Assets Ratio was higher at 20.80. The ratio has fallen sharply since 12/28 when it reachd 22.2, the highest in the database.
Bonds: TLT – TLT fell last week to print its lowest level since late October. Has rallied back a little from there but price above 126.66 (15mn poc) would be a stronger location.
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 has now broken the September low and printed a three year low.
Gold – GLD:The major poc recently migrated back up to 121.00 and currently chart prints above this level in a strong price location. Printed a four month high on Tuesday.
Oil: USO – Last week USO reached its highest level since December 2015.
GBPUSD: has 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 to print a three year high.
USDJPY: two failed probes into the 113.70 maj poc Resistance in December and is now printing below 111.30, the 2yr poc, in a weak price location.
