emini futures 22nd January 2019 – pre-open from Chartprofit
Following Thursday’s Aggressive Buying (green-at-top) Friday’s session generated a Value Area entirely above 2636, the 1/2R (SPY = 263.85). This level is now Support. Price printing time above these levels would be a positive. The next level of Resistance are the Major pocs at ES 2718 and SPY 271.7. Daily Momentum (SPY) turned positive early last week, see Pulse Chart and Breadth numbers are above 50, see below.
Market Charts: All Major U.S. Market Charts turned neutral (from negative) last week.
Breadth numbers have just printed above 50, see below.
Stocks>50dyma numbers: Nyse 68%, Nasdaq 65%, R2000 64%. Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio ended the week at 8.40. On 9th Jan the ratio fell to 5.54, the lowest since July 2016. Down from 27.5 in early September.
Bonds – TLT: printing below the 121.00 poc in a weaker position.
Dollar Index: as long as DXY prints above 94.80, the major poc, it is in a strong LT price location.
Gold: GLD – closed on Friday very close to 121.00, the major poc.
Oil: USO – on 12/07 chart found Resistance at 11.41, the Major Poc and fell sharply lower from there. Has rallied back and closed on Friday just below that Resistance. This is an important chart. Price above 11.41 would be a positive for risk-on.
GBPUSD: earlier in the month the chart bounced again from a second test of 1.2481 (30mn poc). Potentially a double-bottom here if that Support holds.
EURUSD: currently printing below 1.1450, the 1/2R. Support at 1.1310 (previously a major poc).
USDJPY: the major poc is at 112.60. Chart is currently printing below that level in a weak price location.
