emini futures 14th January 2018 – pre-open from Chartprofit
Friday’s session generated another overlapping Value Area but closed near the high of the week. The Weekly pattern has changed over the last three weeks with Friday closing near the high of the week each week. Always worth watching this pattern for change.
Dayframe: The minor (14day) poc migrated to 2585.50. Useful level to monitor at the start of the week re ST strength/weakness.
Market Charts: All major Market Charts remained negative.
Breadth numbers are improving but not yet above 50, see below.
Stocks>50dyma numbers: Nyse 43%, Nasdaq 46%, R2000 43%. Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio ended the week at 6.46, on Wednesday the ratio fell to 5.54, the lowest since July 2016. Down from 27.5 in early September.
Bonds – TLT: closed almost at the 121.00 poc Support on Friday.
Dollar Index: as long as DXY prints above 94.80, the major poc, it is in a strong LT price location.
Gold: GLD – on 01/03 GLD printed its highest level since June and closed on Friday above 121.00, 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 and is approaching that Resistance again. This is an important chart. Price above 11.41 would be a positive for risk-on.
GBPUSD: has bounced again from a second test of 1.2481 (30mn poc). Potentially a double-bottom here if that Support holds. Important Brexit vote tomorrow.
EURUSD: for four days chart has been printing above 1.1450, the 1/2R, in a stronger position.
USDJPY: the major controlling price recently migrated to 112.60. Chart is currently printing below that level in a weak price location.
