emini analysis 21st December 2017 – pre-open from Chartporofit
See yesterday’s highlighted comments. Wednesday’s session printed below Tuesday’s low. If Wednesday’s high at 2695.50 is exceeded it would negate any negative ST implications of that red-at-bottom low.
First Level ST Support = 2624.00 (minor poc)
First Level LT Support = 2573.50 (3mn poc)
Stocks>50dyma numbers: Nyse 64% (from 63%), Nasdaq 57% (from 58%), R2000 54% (from 55%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was slightly lower at 16.65. The ratio reached 18.34 on 10/31, the ratio in the database.
Bonds: TLT – has fallen sharply this week and on Wednesday closed below 124.40, the 10mn poc Support.
Dollar Index: in early July chart broke below 95.50, the major poc Support. Chart is currently printing close to 93.46, the 8mn poc Support.
Gold: printing below 120.90, the maj poc in a weak price location.
Oil: USO – recently the major poc migrated higher to 11.41. The migration of a maj poc often preceeds a directional move. USO closed just above that level on Wednesday.
GBPUSD: currently printing above 1.3234 (1/2R) in a strong price location. The 9mn poc is at 1.2925 and this is LT Support.
EURUSD: has tested the 1 year poc Support at 1.1755 and held so far.
USDJPY: Key Chart – late November the chart tested the Support at 111.30, the 2year poc, and held. Rallied from there to probe (but not exceed) the 113.70 maj poc Resistance. Is approaching that Resistance again today.
click to enlarge graphic
