emini analysis 22nd December 2017 – pre-open from Chartprofit
See Wednesday’s highlighted comments. There is a v minor (13day) poc at 2690. Price relative to this level today could be a guide to ST strength/weakness.
First Level ST Support = 2624.00 (minor poc)
First Level LT Support = 2573.50 (3mn poc)
Stocks>50dyma numbers: Nyse 66% (from 64%), Nasdaq 61% (from 57%), R2000 59% (from 54%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was almost unchanged at 16.70. The ratio reached 18.34 on 10/31, the ratio in the database.
Bonds: TLT – has fallen sharply this week to test 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: the maj poc has migrated back down to 119.70. GLD closed above this loevel on Thursday. This is now Support.
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 Thursday.
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
