emini futures analysis 24th January 2018 – pre-open from Chartprofit
Tuesday’s session generated another Value Area was above 2807.50, the minor poc, see Monday’s, highlighted, comments. 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 75% (from 74%), Nasdaq 76% (from 75%), R2000 69% (from 68%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was down at 16.22 (from 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 has today printed its lowest level since December 2014.
Gold – GLD: The major poc recently migrated back up to 121.00 the charthas rallied strongly from there – cash Gold is today approaching the September high.
Oil: USO – chart has reached its highest level since December 2015.
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 and has today printed its highest level since December 2014.
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. Has today printed its lowest level since September.
