emini future 10th December 2018 – pre-open from Chartprofit
Friday’s session opened higher and sold off immediately with 2634, the 12mn VAL, being tested again. An “outside” Value Area was generated. Pre-open today ES is printing up slightly from that level and as I wrote last week >>price acceptance at 2634 would be a bearish indication<<, see previous highlighted comments.
ETFs Maj POC levels: SPY 271.7, IWM 153.5
Market Charts: All Major Market Charts remained negative.
Stocks>50dyma numbers: Nyse 26%, Nasdaq 21%, R2000 24%. Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio ended the week at 13.24. That’s higher than previous Friday’s ratio with the market down this week. I don’t see fear here and that is a concern. 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 – Last week TLT probed the First Level Resistance at 118.50, the 6mn poc, for the first time since breaking that level in September. Price printing time above that poc would be a stronger price location. There is more important Resistance at 121.00, the major poc.
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 in November – it remains in a strong LT price location above that level.
Gold: GLD – The major poc is at 121.00 and the chart remains in a LT weak position below that level although on Friday GLD printed its highest level since July.
Oil: USO – on 11/23 chart broke below 11.41, the Major Poc. Bulls would want to see that level recovered. On Friday it was probed.
GBPUSD: remains in a weak LT location below 1.3200, the major poc. Today has printed its lowest level since June 2017.
EURUSD: 11/12 printed its lowest level since June 2017, breaking the August low. Has bounced but remains in a weak price location if it prints below 1.1450, the 1/2R off 2017 low.
USDJPY: the major poc is at 111.30. Chart is printing above that level and looks to have formed a higher low at that poc.
