emini futures 15th January 2019 pre-open from Chartprofit
There has been no Significant Buying (green) for 6 days and ES has stalled just below 2600. The low of the minor range is at 2462. The minor (1 month) poc is now at 2584.00. As long as price is printing above that level it is in a strong position in the ST but a break below 2462 would suggest a test of the next level Support which is at 2478, the 2month poc.
Dayframe: The minor (1 month) poc is now at 2584.00. Useful level to monitor intra-day re ST strength/weakness.
Breadth numbers are improving but not yet above 50, see below.
Stocks>50dyma numbers: Nyse 40% (from 43%), Nasdaq 40% (from 46%), R2000 39% (from 43%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 6.52. Last Wednesday the ratio fell to 5.54, the lowest since July 2016. Down from 27.5 in early September.
Bonds – TLT: closed below the 121.00 poc on Monday in a eakr position.
Dollar Index: as long as DXY prints above 94.80, the major poc, it is in a strong LT price location.
Gold: GLD – closed on Monday 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: earlier in the month the chart bounced again from a second test of 1.2481 (30mn poc). Potentially a double-bottom here if that Support holds. Important Brexit vote today.
EURUSD: currently printing below 1.1450, the 1/2R. A higher low printed above that level would be a positive.
USDJPY: the major controlling price recently migrated to 112.60. Chart is currently printing below that level in a weak price location.
