emini futures 1st February 2018 – pre-open from Chartprofit
See yesterday’s comments. The minor (25 day) poc is at 2839, see Thursday’s comments, and Value Areas on Tuesday and Wednesday have been printed below that level with the poc as clear Resistance, see chart. Significant Buying marked above 2839 would indicate higher but currently ES is in a ST weak location below that level.
First Level Support = 2688.00 (3mn poc)
Stocks>50dyma numbers: Nyse 61% (from 63%), Nasdaq 58% (from 62%), R2000 49% (from 53%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was slightly lower at 27.16 Down from Tuesday’s ratio at 27.55, the highest ratio in the database.
Bonds: TLT – on Tuesday chart printed an eight month low. Remains in a weak price location. Through last week held the Support at 123, the 1/2R off last year’s low but has been closing below that level this week.
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 last week printed its lowest level since December 2014. There is Support at 87.25 which is the 1/2R off 2008 low.
Gold – GLD: The major poc recently migrated back up to 121.00 – the chart has rallied strongly from there and last week printed its highest level since August 2016.
Oil: USO – last week chart reached its highest level since November 2015.
GBPUSD: last week reached its highest level since June 2016.
EURUSD: in December chart tested the 1 year poc Support at 1.1755 and held. Last week printed its highest level since December 2014.
USDJPY: two failed probes into the 113.70 maj poc Resistance in December and has been printing below 111.30, the 2yr poc, in a weak price location. Last week printed its lowest level since September.
