emini futures 8th 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. Tuesday and Wednesday saw ES rally back a little to probe above 2688, the 3mn poc. Pre-open today ES prints just below that level in a weak price location. Significant Buying marked above that poc would be a postitive.
Support/Resistance = 2688.00 (3mn poc)
Support = 2581.00 (5mn poc)
Stocks>50dyma numbers: Nyse 27% (from 28%), Nasdaq 32% (unch), R2000 25% (from 24%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was slightly lower at 19.45. On 01/30 the ratio reached 27.55, the highest in the database.
Bonds: TLT – on Wednesday the chart tested the major Support at 119.00 (maj poc) for the second time this week. Futures indicate that TLT will open below that level = weak position. Bond Bulls would want to see this level hold.
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: in mid December the major poc migrated back up to 121.00 – the chart 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 and was lower on Wednesday.
Oil: USO – 01/25 chart reached its highest level since November 2015. Closed sharply lower on Wednesday at a twenty two day low.
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 and has today tested the 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.
