emini 3rd December 2018 – pre-open from Chartprofit
See previous highlighted comments. Last week I marked Aggressive Buying (green-at-top) three times. Value Areas on Thursday and Friday were printed entirely above 2718, the major poc. That put ES back in a strong position. Over the weekend U.S. and China agreed to delay extra tariffs so talks can continue. Overnight ES jumped above 2800. As long as ES holds above 2718, it is in a strong price location.
ETFs Maj POC levels: SPY 271.7, IWM 153.5
Stocks>50dyma numbers: Nyse 45%, Nasdaq 41%, R2000 41%. Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio ended the week at 11.65. On 11/05 the ratio fell to 8.15 which was the lowest ratio in more than a year. The peak reading is 27.55 recorded 09/07 which equalled the highest ratio in the database.
Bonds: TLT – declined sharply since breaking below 121.00, the major poc, at the start of September. 11/02 broke lower and subsequently printed its lowest level since Jul 2014. Has bounced from there.
Dollar Index: 11/12 DXY printed its highest level since June 2017. The major poc is at 94.80 and chart printed a higher low at that Support earlier in the month – it remains in a strong LT price location above that level.
Gold: GLD – The major poc is at 121.00 and this Support was broken 06/19. Chart remains in a LT weak position. It is possible the poc could migrate lower with time – I am monitoring that. There is minor Resistance at 116.0, the 11mn poc, and this has been probed (but not exceeded) twice recently.
Oil: USO – Broke below 12.79, the 12mn poc, in early November and on 11/23 broke below 11.41, the Major Poc. Bulls would want to see that level recovered. Futures indicate a higher open today for USO.
GBPUSD: remains in a weak LT location below 1.3200, the major poc.
EURUSD: 11/12 printed its lowest level since June 2017, breaking the August low. Chart remains in a weak price location if it prints below 1.1450, the 1/2R off 2017 low.
USDJPY: the major poc is at 111.30. Chart is printing above that level and looks to have formed a higher low at that poc.
