emini 24th January 2018 – pre-open from Chartprofit
See yesterday’s comments. Wednesday’s session generated a lower/overlapping Value Area. 01/17 was an Aggressive Buying day. The low of that day was 2605.50. Time below that level would negate that ST bullish implications of that imbalance. There is minor poc (1month) Support at 2584 and currently 2718 is the major level of Resistance (SPY 271.7).
Stocks>50dyma numbers: Nyse 60%, Nasdaq 57%, R2000 55%. Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 10.05. 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 – last three days have found low at 121.00, the major poc Support. Cash Gold indicates a lower open for GLD today.
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. Retraced a little this week. 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. Today, has printed its highest level since 8th Nov.
EURUSD: currently printing below 1.1450, the 1/2R. Support at 1.1310 (previously a major poc) is likely to be tested again today.
USDJPY: the major poc is at 112.60. Chart is currently printing below that level in a weak price location.
