emini analysis 6th December 2017 – pre-open from Chartprofit
During Monday’s session ES printed another all-time-high. Tuesday’s session generated a lower Value Area and Significant Selling (red) was marked for the first time since August. This is a minor indication of ST weakness. First sign of LT weakness would be a Value Area printed below 2573.50, the 3mn poc.
First Level LT Support = 2573.50 (3mn poc)
Stocks>50dyma numbers: Nyse 61% (from 67%), Nasdaq 52% (from 56%), R2000 55% (from 62%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was almost unchanged at 16.66 having reached 18.34 on 10/31, the highest ratio in the database.
Bonds: TLT – the 10mn poc Support is at 124.40. Last week this Support was closely approached but has held so far.
Dollar Index: in early July chart broke below 95.50, the major poc Support. 11/22 the index broke back below 93.46, the 8mn poc, and this level, now Resistance, is currently being probed.
Gold: during Tuesday’s session GLD tested the Major Support at 119.84. Price below this level would be weaker location.
Oil: USO – Last week the major poc migrated higher to 11.41. The migration of a maj poc often preceeds a directional move so price relative to this level now needs to be monitored closely.
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
