emini futures 19th January 2018 – pre-open from Chartprofit
The S&P emini Futures generated a higher Value Area on Thursday even though the Pr and Tk numbers were negative – i.e. Ineffective intraday Selling. Buyers remain in control. First sign of dayframe weakness would be Significant Selling (red) being marked and first sign of longer term weakness would be Significant Selling (red) marked below 2688.
Dayframe: There is a very minor (8day) poc at 2799.00. Price relative to this level may be a useful guide today re ST strendgth/weakness.
First Level Support = 2688.00 (2mn poc)
Second Level Support = 2580 (4mn poc)
Stocks>50dyma numbers: Nyse 70% (from 73%), Nasdaq 69% (from 72%), R2000 63% (from 67%). Numbers >50 are supportive.
Sentiment: My (new) version of the Rydex Assets Ratio was higher at 21.90. This is very close to the highest ratio in the database which was recorded on 12/28 at 22.2.
Bonds: TLT – TLT fell last week to print its lowest level since late October. Rallied back a little from there but remains in a weak price location.
Dollar Index: in early July chart broke below 95.50, the major poc = weak LT price location. 12/28 broke below the 1/2R Support off the Sep low and has now broken the September low and printed a three year low.
Gold – GLD: The major poc recently migrated back up to 121.00 and currently chart prints above this level in a strong price location.
Oil: USO – Last week USO reached its highest level since December 2015.
GBPUSD: has reached its highest level since June 2016.
EURUSD: in December chart tested the 1 year poc Support at 1.1755 and held. Is up strongly from there to print a three year high this week.
USDJPY: two failed probes into the 113.70 maj poc Resistance in December and is now printing below 111.30, the 2yr poc, in a weak price location.
