emini futures 13th December 2018 – pre-open from Chartprofit
Wednesday’s session generated a higher Value Area but a weak close. As I wrote on Friday >>price acceptance at 2634 would be a bearish indication<< so at a minimum Bulls would want to see ES printing up from that level. ES will move into a stronger price location if it can print time back above 2718, the maj poc. Two hours pre-open today it is still printing close to 2650.
ETFs Maj POC levels: SPY 271.7, IWM 153.5
Stocks>50dyma numbers: Nyse 28% (from 26%), Nasdaq 27% (from 23%), R2000 27% (from 24%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was almost unchanged at 12.93. Would be a real positive here to see the ratio fall here especially if the market rallies. 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 – has probed the First Level Resistance at 118.50. 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 but has fallen back this week. Weak location.
GBPUSD: on Wednesday fell to its lowest level since April 2017 but has bounced back a little.
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.
