emini – Wednesday 23rd January 2019
ES may find the 1/2R at 2636 attractive. Currently the major poc is at 2718. If enough time is spent at 2636 the major could migrate to that level. That may take some time and imo would probably not be bullish. I’ll be watching for that. Currently 2718 is the next level of Resistance (SPY 271.7).
Stocks>50dyma numbers: Nyse 63% (from 68%), Nasdaq 58% (from 65%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was slightly higher at 8.73. On 9th Jan 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 – closed on Tuesday just above to 121.00, the major poc.
Oil: USO – on 12/07 chart found Resistance at 11.41, the Major Poc and fell sharply lower from there. Has rallied back and closed on Friday just below that Resistance. Retraced a little on Tueday. 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). Potentially a double-bottom here if that Support holds. Today, has printed its highest level since 14th Nov.
EURUSD: currently printing below 1.1450, the 1/2R. Support at 1.1310 (previously a major poc).
USDJPY: the major poc is at 112.60. Chart is currently printing below that level in a weak price location.
