emini 10th January 2019

emini 10th January 2019

See previous, highlighted, comments. Wednesday’s session generated a fourth, consecutive higher Value Area.

Dayframe: The v. minor (5day) poc is at 2583.50. May be useful to monitor intraday strength/weakness today.

Breadth numbers are improving but not yet above 50, see below.

Stocks>50dyma numbers: Nyse 37% (from 31%), Nasdaq 41% (from 36%), R2000 39% (from 35%). Numbers >50 are supportive.

Sentiment: My version of the Rydex Assets Ratio was lower again at 5.54, the lowest since July 2016. Since the market low on 12/26 the ratio has fallen as the market has rallied. That’s encouraging. The Ratio high was 27.5 in early September.

Bonds – TLT: using 30minute data the major migrated lower from 121.0 to 118.84 earlier in the month. With time at 121.0 it could easily migrate back to that level. On Wednesday that Support was tested.
Dollar Index: as long as DXY prints above 94.80, the major poc, it is in a strong LT price location.
Gold: GLD – last week GLD printed its highest level since June and closed on Wednesday above 121.00, the major poc, in a strong position.
Oil: USO – on 12/07 chart found Resistance at 11.41, the Major Poc and fell sharply lower from there. Has rallied back and is approaching the 11.41 Resistance. This is an important chart. Price above 11.41 would be a positive for risk-on.
GBPUSD: has bounced again from a second test of 1.2481 (30mn poc). Potentially a double-bottom here if that Support holds.
EURUSD: chart is now printing above 1.1450, the 1/2R in a stronger position.
USDJPY: the major controlling price recently migrated to 112.60. Chart is currently printing below that level in a weak price location.