emini future 17th December 2018 – pre-open from Chartprofit
I have previously written (highlighted) that >>price acceptance at 2634 would be a bearish indication<<, 2634 being the 12mn VAL at that time. Price action over the last week migrated the VAL to 2621 (dashed line). ES is currently printing below that level which is not encouraging especially with Aggressive Selling being marked on Friday. Bulls would want to see improvement in price location and in the Pulse Chart.
ETFs Maj POC levels: SPY 271.7, IWM 153.5
Market Charts: All major Market Charts remained negative.
Stocks>50dyma numbers: Nyse 22%, Nasdaq 19%, R2000 20%. Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio ended the week at 10.03. 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: last week DXY printed its highest level since June 2017. The major poc is at 94.80 and 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 GLD recently 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. Currently in a weak position.
GBPUSD: last week fell to its lowest level since April 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.
