emini 28th January 2019 – pre-open from Chartprofit
Overnight on Friday the 6mn poc migrated to 2652. Price relative to that level would be useful to monitor re ST strength/weakness at the styart of this week. See Wednesday’s highlighted comments. I am watching for possible migration of the major, currently at 2718 and Resistance (SPY 271.7). 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).
Market Charts: All major U.S. market charts remained neutral.
Stocks>50dyma numbers: Nyse 72%, Nasdaq 69%, R2000 68%. Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio ended the week at 12.33. On 9th Jan the ratio fell to 5.54, the lowest since July 2016. Down from 27.5 in early September.
Bonds – TLT: last week probed above the 121.00 poc but closed on Friday back below that level.
Dollar Index: as long as DXY prints above 94.80, the major poc, it is in a strong LT price location.
Gold: GLD – early last week GLD found low at 121.00, the major poc Support and then closed sharply higher on Friday at its highest level since June. Strong location.
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. 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). On Friday 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) last week.
USDJPY: the major poc is at 112.60. Chart is currently printing below that level in a weak price location.
