emini analysis 30th November 2017 – pre-open
Wednesday’s session exceeded Tuesday’s green-at-top high to print a new all time high. First sign of LT weakness would be a Value Area printed below 2573.50, the 3mn poc – hopefully a minor poc of some importance will emerge over the next few days to give a closer level to monitor for minor strenth/weakness. Significant Selling (red) has not been marked for 72 days.
First Level LT Support = 2573.50 (3mn poc)
Stocks>50dyma numbers: Nyse 68% (from 65%), Nasdaq 62% (from 61%), R2000 69% (from 67%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was almost unchanged at 15.58. 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. Wednesday saw TLT sharply lower but as long as 124.40 is held 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 93.46, the 8mn poc, and this level (now Resistance) is being probed today.
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. Cash indicates a lower open for GLD today.
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 and rallied this week.
click to enlarge graphic
