emini futures 16th January 2019 – pre-open from Chartprofit
ES did the positive thing again on Tuesday, see arrow, by finding session low right at the minor (1 month) poc at 2584.00, as detailed in yesterday’s pre-open comments (highlighted). Also see 01/04, arrowed. As long as price is printing above 2584 it is in a strong position. First level Resistance is at ES 2636, 263.85(SPY) = 1/2R off the Sep high. Daily Momentum (SPY) turned positive on Monday, see Pulse Chart.
Breadth numbers are improving but not yet above 50, see below.
Stocks>50dyma numbers: Nyse 45% (from 40%), Nasdaq 45% (rom 40%), R2000 42% (from 39%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 7.59. Last Wednesday the ratio fell to 5.54, the lowest since July 2016. Down from 27.5 in early September.
Bonds – TLT: printing below the 121.00 poc in a weaker position.
Dollar Index: as long as DXY prints above 94.80, the major poc, it is in a strong LT price location.
Gold: GLD – printing 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.
EURUSD: currently printing below 1.1450, the 1/2R. Support at 1.1310 (previously a major poc).
USDJPY: the major controlling price recently migrated to 112.60. Chart is currently printing below that level in a weak price location.
