emini future 8th January 2019 – pre-open from Chartprofit
See previous, highlighted, comments. Monday’s session generatd a higher Value Area and an eleven day high. Pre-open today ES has printed above 2570.
Other charts may offer clues over the next few days: can Gold (GLD) and Bonds (TLT) hold above their pocs, coincidentally both at 121. Also German DAX is currently printing back above 10672, its 4 yr poc and UK FTSE 100 is today printing above 6820, its maj poc.
Stocks>50dyma numbers: Nyse 24% (from 20%), Nasdaq 30% (from 24%), R2000 28% (from 22%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was lower at 5.63, the lowest since July 2016. Since the market low on 12/26 the ratio has fallen as the market has rallied. That’s encouraging. The high was 27.5 in early September.
Bonds – TLT: using 30minute data the major migrated lower from 121.0 to 118.84 earlier in the month. With time at 121.0 it could easily migrate back to that level. Price is currently printing above 121 in a strong postion.
Dollar Index: as long as DXY prints above 94.80, the major poc, it is in a strong LT price location.
Gold: GLD – last week GLD printed its highest level since June and closed on Monday above the 121.00 Resistance, the major poc, in a strong position.
Oil: USO – on 12/07 chart found Resistance at 11.41, the Major Poc and fell sharply lower from there. Has rallied back a little. This is an important chart. Equity Bulls as well would want to see a recovery back above 11.41.
GBPUSD: GBPUSD had bounced again from a second test of 1.2481 (30mn poc). Potentially a double-bottom here if that Support holds.
EURUSD: chart is still having a problem printing above 1.1450, the 1/2R, but has been Supported by the 1.1310 level (previously a major controlling price).
USDJPY: the major controlling price recently migrated to 112.60. Chart is currently printing below that level in a weak price location.
