emini 18th January 2018 – pre-open from Chartprofit
During Thursday’s session the 1/2R Resistance at 2636 was tested. Pre-open today ES is printing above that level. The equivalent level for SPY is 263.85. Price printing time above these levels would be a positive. The next level of Resistance are the Major pocs at ES 2718 abd SPY 271.7. Daily Momentum (SPY) turned positive on Monday and Breadth turned positive on Wednesday, see Pulse Chart.
Breadth numbers have just printed above 50, see below.
Stocks>50dyma numbers: Nyse 58% (from 51%), Nasdaq 58% (from 51%), R2000 58% (from 51%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 8.6. Recently the ratio fell to 5.54, the lowest since July 2016. Down from 27.5 in early September.
Bonds – TLT: printing below the 121.00 poc 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 – printing 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: earlier in the month the chart bounced again from a second test of 1.2481 (30mn poc) and has rallied further this week.
EURUSD: currently printing below 1.1450, the 1/2R. Support at 1.1310 (previously a major poc).
USDJPY: the major controlling price recently migrated to 112.60. Chart is currently printing below that level in a weak price location.
