emini futures 7th February 2018 – pre-open from Chartprofit
See yesterday’s comments. Following Friday’s Aggressive Selling (the first in thirty days) Monday’s session saw a sharp sell-off and a lower, wider, Value Area was generated with Aggressive Selling marked again. On Tuesday ES rallied back to probe 2688, the 3mn poc, and pre-open today prints just below that level in a weak price location. Price printing time above that poc would be the first postitive.
Support/Resistance = 2688.00 (3mn poc)
Support = 2581.00 (5mn poc)
Stocks>50dyma numbers: Nyse 28% (from 23%), Nasdaq 32% (from 26%), R2000 24% (from 20%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio is at 20.93. On 01/30 the ratio reached 27.55, the highest in the database. Yesterday I wrote that the ratio had not fallen with the large market sell-off on Monday – this was incorrect and due to a technical error. Apologies for that mistake.
Bonds: TLT – on Monday the chart tested, but has not yet broken, the major Support at 119.00 (maj poc).
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 then broke the September low. On 01/26 the index printed its lowest level since December 2014. There is Support at 87.25 which is the 1/2R off 2008 low.
Gold – GLD: The major poc recently migrated back up to 121.00 – the chart has rallied strongly from there and on 01/25 printed its highest level since August 2016. Closed on Tuesday below 126.60, the 2mn poc in a ST weaker location.
Oil: USO – 01/25 chart reached its highest level since November 2015. Closed at an twelve day low on Tuesday.
GBPUSD: 01/25 reached its highest level (1.4344) since June 2016. Is off from that high this week.
EURUSD: in December chart tested the 1 year poc Support at 1.1755 and held. 01/25 printed its highest level since December 2014. Off a little this week – there is Support at 1.2264, the 2mn poc.
USDJPY: two failed probes into the 113.70 maj poc Resistance in December and has been printing below 111.30, the 2yr poc, in a weak price location since then. On 01/26 chart printed its lowest level since September.
