emini futures 8th February 2019 – pre-open from Chartprofit
The major poc is at 2718. This is a level of long term importance so the fact that ES is now printing back below that price, and a possible rejection of the probe on Tue/Wed, is worthy of note. If ES can print time back above 2718 it would be back in a very strong position but currently, location is weak. Also note the dotted line at Monday’s low. This is the low of an Aggressive Buying day (green-at-top). That low being broken means the Buyers have been disrupted and this is often a first sign of weakness. So I’m cautious in the short-term until ES can print back above 2718.
Stocks>50dyma numbers: Nyse 77% (rom 82%), Nasdaq 75% (from 79%), R2000 74% (from 77%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 14.44, a 43day high. On 9th Jan the ratio fell to 5.54, the lowest since July 2016. Down from 27.5 in early September.
Bonds – TLT: On Thursday TLT closed above 121.00, the major poc. Time above this level would be a strong position.
Dollar Index: as long as DXY prints above 94.80, the major poc, it is in a strong LT price location.
Gold: GLD – rallied strongly at the end of last month following a higher low in December which found Support at 121.00, the major poc. Strong LT location.
Oil: USO – there was a probe above 11.41, the Major Poc last week but USO closed below that level on Thursday. This is an important chart. Price printing time above 11.41 would be a positive for risk-on.
GBPUSD: in December the chart bounced from a second test of 1.2481 (30mn poc) and printed sharply higher. Has retraced from there.
EURUSD: bulls would want to see time printed above 1.1450, the major 1/2R. Currently this is not happening and chart prints below that level. There is Support at 1.131, a previous major.
USDJPY: the major poc is at 112.60. Chart is currently printing below that level in a weak position.
