emini 11th January 2019 – pre-open from Chartprofit
See previous, highlighted, comments. Wednesday’s session generated an overlapping Value Area but closed strong.
Dayframe: The v. minor (6day) poc moved to 2568.50. This is minor Support today.
Breadth numbers are improving but not yet above 50, see below.
Stocks>50dyma numbers: Nyse 43% (from 37%), Nasdaq 43% (from 41%), R2000 41% (from 39%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 6.35. Wednesday’s ratio at 5.54 was the lowest since July 2016. Since the market low on 12/26 the ratio has fallen (except yesterday) as the market has rallied. That’s encouraging. The Ratio high was 27.5 in early September.
Bonds – TLT: closed below the 121.00 poc Support on Thursday 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 week GLD printed its highest level since June and closed on Thursday 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 that Resistance again. 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.
