emini analysis 28th December 2017 – pre-open from Chartprofit
See previous comments. There is a minor (26day) poc at 2687. Price relative to this level could be a guide to ST strength/weakness. See Sentiment, below.
First Level ST Support = 2624.00 (poc)
First Level LT Support = 2573.50 (3mn poc)
Stocks>50dyma numbers: Nyse 66% (unch), Nasdaq 55% (from 56%), R2000 52% (from 53%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio reached a new high on Wednesday at 19.00.
Bonds: TLT – last week tested 124.40, the 10mn poc Support and has rallied back from there. Strong price location.
Dollar Index: in early July chart broke below 95.50, the major poc = weak LT price location. Has today broken below the 1/2R off the Sep low.
Gold: The major poc has migrated back up to 121.00 and currently chart prints above this level in a strong price location.
Oil: USO – recently the major poc migrated higher to 11.41. The migration of a maj poc often preceeds a directional move. This week USO has reached its highest level YTD.
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: earlier this month chart tested the 1 year poc Support at 1.1755 and held. Is up from there.
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 down from that Resistance today.
click to enlarge graphic
