emini futures 23rd January 2018 – from Chartprofit
Monday’s Value Area was printed entirely above 2807.50, the minor poc, see yesterday’s, highlighted, comments. Aggressive Buying ()green-at-top) was marked for the fourth time in seven days. 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 74% (from 73%), Nasdaq 75% (unch), R2000 68% (from 69%). Numbers >50 are supportive.
Sentiment: My (new) version of the Rydex Assets Ratio was up slightly at 17.91. On 12/28 the ratio reached 22.27, the highest ratio in the database.
Bonds: TLT – TLT fell last week to print its lowest level since late October. Remains in a weak price 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.
Oil: USO – chart recently reached its highest level since December 2015 and is holding close to that level.
GBPUSD: 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 to print a three year high last week.
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.
