emini analysis 12th January 2016 – pre-open from Chartprofit
ES has stalled here – last six days printing Value Areas between 2257-2277. The last four VAs have been generated above the 2259 poc Support. With more time above that level it is possible the poc could migrate higher but for now as long as ES holds above 2259 it is in a strong price location. Significant Selling marked below that point would be a negative.
First Level Support = 2259.00 (3 month poc)
Second Level Support = 2159.50 (6month poc)
Momentum (PriceOsc) on the SPY is negative but just turned up. A positive would be seeing this above zero.
Sentiment: My version of the Rydex Assets Ratio was higher at 7.62. Monday’s ratio at 6.26 was an eighteen day low. The Ratio has fallen a lot since it reached 11.83 on 01/03, the highest ratio since June 2015.
Stocks>50dyma numbers: Nyse 76% (from 74%), Nasdaq 73% (unch), R2000 75% (from 76%). Numbers >50 are supportive.
Supporting Charts
Bonds: TLT – On 12/14 TLT printed its lowest level since July 2015 but has so far held the major poc Support at 117.15 and yesterday printed a twenty eight day high.
Dollar Index: On 01/03 the index printed its highest level since April 2003 but today has printed a 25 day low.
Gold: 11/23 GLD broke below 115.69, the 1/2R off last year’s low which put the chart in a weak price location. On 12/15 chart printed its lowest level since last January but has rallied from that low. Cash gold has printed a 35 day high today.
Oil: USO – since the start of December USO has been printing above 10.78, the maj poc. Chart must hold this Support to remain in a strong price location.
EURUSD: in early October chart broke below 1.1165, the 4yr poc, and has been in a weak price location since then. On 01/03 printed its lowest level since early 2003.
click graphic to enlarge
