emini 4th December 2018 – pre-open from Chartprofit
Last week I marked Aggressive Buying (green-at-top) three times. Value Areas on Thursday through Monday were printed entirely above 2718, the major poc. That put ES back in a strong position. Pre-open on Monday there was a rejected probe above 2808, the 12mn VAH . Price acceptance (time) around this level would be a positive but unless the major controlling price migrates away from 2718, 2808 could well represent Resistance again. If the major (2718) doesn’t migrate then as long as ES holds this level it is in a strong price location
ETFs Maj POC levels: SPY 271.7, IWM 153.5
Stocks>50dyma numbers: Nyse 52% (from 45%), Nasdaq 44% (from 41%), R2000 45% (from 41%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 15.93, a 30day high. On 11/05 the ratio fell to 8.15 which was the lowest ratio in more than a year. The peak reading is 27.55 recorded 09/07 which equalled the highest ratio in the database.
Bonds: TLT – declined sharply since breaking below 121.00, the major poc, at the start of September. 11/02 broke lower and subsequently printed its lowest level since Jul 2014. Has bounced from there. Futures indicate a higher open for TLT today.
Dollar Index: 11/12 DXY printed its highest level since June 2017. The major poc is at 94.80 and chart printed a higher low at that Support earlier in the month – it remains in a strong LT price location above that level.
Gold: GLD – The major poc is at 121.00 and this Support was broken 06/19. Chart remains in a LT weak position but on Monday the chart printed above the 116.00 the 11mn poc Resistance at 116.0.
Oil: USO – Broke below 12.79, the 12mn poc, in early November and on 11/23 broke below 11.41, the Major Poc. Bulls would want to see that level recovered.
GBPUSD: remains in a weak LT location below 1.3200, the major poc.
EURUSD: 11/12 printed its lowest level since June 2017, breaking the August low. Chart remains in a weak price location if it prints below 1.1450, the 1/2R off 2017 low.
