emini 25th January 2019 – pre-open
See Wednesday’s highlighted comments. Since those comments ES has spent most time at 2636. I am watching for possible migration of the major, currently at 2718. More time would be needed. 01/17 was an Aggressive Buying day. The low of that day was 2605.50. Time below that level would negate that ST bullish implications of that imbalance. There is minor poc (1month) Support at 2584 and currently 2718 is the major level of Resistance (SPY 271.7).
Stocks>50dyma numbers: Nyse 63% (from 60%), Nasdaq 62% (from 57%), R2000 61% (from 55%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 11.45, the highest since 12/12. On 9th Jan the ratio fell to 5.54, the lowest since July 2016. Down from 27.5 in early September.
Bonds – TLT: closed on Thusrday back above the 121.00 poc in a stronger position but futurs indicate TLT will open below that level today.
Dollar Index: as long as DXY prints above 94.80, the major poc, it is in a strong LT price location.
Gold: GLD – for the last four days GLD has found low at 121.00, the major poc Support. Cash Gold indicates a strong open for GLD today.
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 this week. 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 7th Nov.
EURUSD: currently printing below 1.1450, the 1/2R. Support at 1.1310 (previously a major poc) was tested (and held) on Thursday.
USDJPY: the major poc is at 112.60. Chart is currently printing below that level in a weak price location.
