emini futures analysis 9th February 2018 – pre-open from Chartprofit
Thursday opened just below 2688, the 3mn poc, and immediately sold off. Later in the day the 5mn Support at 2581 was tested, see chart. ES rallied back a little but pre-open has briefly tested that level again and rallied back above 2600. Price below this Support would be a weak location.
Resistance = 2688.00 (3mn poc)
Support = 2581.00 (5mn poc)
Stocks>50dyma numbers: Nyse 13% (from 27%), Nasdaq 20% (from 32%), R2000 16% (from 25%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was lower at 18.24. On 01/30 the ratio reached 27.55, the highest in the database.
Bonds: TLT – nearly all of Thursday’s bar was printed below 119.00, the major Support (maj poc) which is a 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 is lower from there.
Oil: USO – 01/25 chart reached its highest level since November 2015 but is sharply lower this week in line with the equity sell-off.
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 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.
