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emini analysis 29th November 2017 – pre-open

Posted on November 29, 2017 Written by Chart Prophet

emini analysis 29th November 2017 – pre-open from Chartprofit

I marked Aggressive Buying (green-at-top) on Tuesday as ES printed a new high. First sign of LT weakness would be a Value Area printed below 2573.50, the 3mn poc. Significant Selling (red) has not been marked for 71 days.

First Level Support = 2573.50 (3mn poc)

Stocks>50dyma numbers: Nyse 65% (from 58%), Nasdaq 61% (from 54%), R2000 67% (from 57%). Numbers >50 are supportive.

Sentiment: My version of the Rydex Assets Ratio was lower at 15.57 (from 16.21). The highest ratio in the database is 18.34, recorded on 10/31.

Bonds: TLT – chart recently tested (held) the 124.40 (10mn poc) Support. If it holds this level it is in a strong price location.
Dollar Index: in early July chart broke below 95.50, the major poc Support. Last week the index broke below the further Support at 93.46, 8mn poc.
Gold: in early October GLD briefly tested the Major Support at 119.84. Has held since them. As long as chart holds above this level it is in a strong price location.
Oil: USO – As long as chart holds above 10.14, the major poc Support, it is in a strong price location in the LT. In the ST USO has again probed 11.60 (maj VAH). Price acceptance at this higher level would be bullish. A little more time spent at 11.42 and the major poc could migrate higher to that level – this will be monitored.
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: chart is printing above 1.1755, the 1year poc in a strong price location.
USDJPY: Key Chart – over the last few days chart has tested the Support at 111.30, the 2year poc. Has so far held this level.

click to enlarge graphic

emini analysis 29th nov 2017
emini analysis 29th nov 2017

Filed Under: emini SP500 (ES), Market pre-open Report

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