emini 18th December 2019 – pre-open from ChartProfit
Note: we are now following the March contract.
There is poc Support at 3148.50. As long as ES holds that level it is in a strong position.
Stocks>50dyma numbers: Nyse 72% (from 71%), Nasdaq 71% (from 68%), R2000 71% (from 69%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was slightly higher at 22.34. On Friday the ratio reached 24.4. the highest since Sep ’18. The highest reading I have is 27.5 in Jan ’18.
Bonds – TLT: The 5mn poc is at 139.95. TLT closed below that level on Tuesday. Weak position.
Dollar Index: on 10/01 DXY probed the Maj Value Area High at 99.50. As I wrote at the time “price will often be rejected from these Maj VAHs”. Chart declined from that high through October and then rallied back to test the 1/2R at 98.4 and failed at that Resistance. As I have been writing “New trends often start with a rejected test at the 50% retracement so I’m watching price action from here”. The Support at 97.00 (3yr poc) has been tested this week but DXY currently printsup from that level. Price below the poc would be a weak position.
Gold: Found Resistance three times recently at 143 (major 1/2R) and declined from there to its lowest level since early August.
Oil: USO rallied back above 11.95, 1/2R off 2016 low, early in the month. It is in a strong position if that level is held.
GBPUSD: has rallied strongly from early October and had been printing above the 1.3130 major poc which is now important Support. That Support was broken yesterday.
EURUSD: In early October chart printed its lowest level since May 2017. Rallied from there, and on Friday probed the poc Resistance at 1.120. Down from that level.
Dollar Index: on 10/01 DXY probed the Maj Value Area High at 99.50. As I wrote at the time “price will often be rejected from these Maj VAHs”. Chart declined from that high through October and then rallied back to test the 1/2R at 98.4 and failed at that Resistance. As I have been writing “New trends often start with a rejected test at the 50% retracement so I’m watching price action from here”. The Support at 97.00 (3yr poc) has been tested this week but DXY currently printsup from that level. Price below the poc would be a weak position.
Gold: Found Resistance three times recently at 143 (major 1/2R) and declined from there to its lowest level since early August.
Oil: USO rallied back above 11.95, 1/2R off 2016 low, early in the month. It is in a strong position if that level is held.
GBPUSD: has rallied strongly from early October and had been printing above the 1.3130 major poc which is now important Support. That Support was broken yesterday.
EURUSD: In early October chart printed its lowest level since May 2017. Rallied from there, and on Friday probed the poc Resistance at 1.120. Down from that level.
