emini future 14th December 2018 – pre-open from Chartprofit
The 5 month poc has just migrated to 2664.00. Although ES will only move into a strong price location in the LT if it can print time back above the 2718 maj poc, a quick recovery back above 2664 would be constructive. Time spent below that level is a negative and ES is in a weak position. Also, as I wrote on Friday >>price acceptance at 2634 would be a bearish indication<< so at a minimum Bulls would want to see ES printing up from that level. Overnight and pre-open price activity has been below that level. Charts later today will show that the Lipper US Fund Flow data and AAII public poll data is indicating deep pessimism (which can be contrarian bullish).
ETFs Maj POC levels: SPY 271.7, IWM 153.5
Stocks>50dyma numbers: Nyse 26% (from 28%), Nasdaq 23% (from 27%), R2000 23% (from 27%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was lower at 11.18. On 11/05 the ratio fell to 8.15 which was the lowest ratio in more than a year. The peak reading is 27.55 recorded 09/07 which equalled the highest ratio in the database.
Bonds: TLT – has probed the First Level Resistance at 118.50. Price printing time above that poc would be a stronger price location. There is more important Resistance at 121.00, the major poc.
Dollar Index: 11/12 DXY printed its highest level since June 2017. That high is being approached today. The major poc is at 94.80 and chart printed a higher low at that Support in November – it remains in a strong LT price location above that level.
Gold: GLD – The major poc is at 121.00 and the chart remains in a LT weak position below that level although last week GLD printed its highest level since July.
Oil: USO – on 11/23 chart broke below 11.41, the Major Poc. Bulls would want to see that level recovered. Last week it was probed.
GBPUSD: earlier this week fell to its lowest level since April 2017.
EURUSD: 11/12 printed its lowest level since June 2017, breaking the August low. Has bounced but remains in a weak price location if it prints below 1.1450, the 1/2R off 2017 low.
USDJPY: the major poc is at 111.30. Chart is printing above that level and looks to have formed a higher low at that poc.
