emini futures 29th January 2019 – pre-open from Chartprofit
See Wednesday’s highlighted comments. I wrote “ES may find the 1/2R at 2636 attractive”. Since I wrote that, ES has printed more time at that level then any other price. The major “could” migrate lower to that area of price with more time. Checking on 30min and 5min timeframes the 6mnoth poc is at 2665. This is First Level Resistance.
Stocks>50dyma numbers: Nyse 69% (from 72%), Nasdaq 66% (from 69%), R2000 65% (from 68%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 13.44 (from 12.33). On 9th Jan the ratio fell to 5.54, the lowest since July 2016. Down from 27.5 in early September.
Bonds – TLT: last week probed above the 121.00 poc but closed below that level on Monday.
Dollar Index: as long as DXY prints above 94.80, the major poc, it is in a strong LT price location.
Gold: GLD – early last week GLD found low at 121.00, the major poc Support and then closed sharply higher on Friday at its highest level since June. Strong location. Closed higher on Monday.
Oil: USO – on 12/07 chart found Resistance at 11.41, the Major Poc and fell sharply lower from there. Rallied back and approached that Resistance last week. Down sharply on Monday. 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). On Friday printed its highest level since 7th Nov.
EURUSD: currently printing below 1.1450, the 1/2R. Support at 1.1310 (previously a major poc) was tested (and held) last week.
USDJPY: the major poc is at 112.60. Chart is currently printing below that level in a weak position.
