emini futures 21st December 2018 – pre-open from Chartprofit
On Thursday ES printed a new low for this down trend. As I have been writing recently, >>only the Sentiment data, which is at/reaching bearish extremes and the December seasonal pattern offer a ray of hope but with weak price location and a negative Pulse Chart I remain wary of the long side<<. At a minimum I would want to see Effective Buying (green) being marked before assuming higher on even the dayframe.
Stocks>50dyma numbers: Nyse 12% (from 13%), Nasdaq 10% (from 12%), R2000 11% (from 12%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio has reached a two year low at 7.20, the lowest since Dec 2016.
Bonds: TLT – On Thursday printed its highest level since August and probed above the important Resistance at 121.00, the major poc. Time spent above this level would put TLT in a strong price location.
Dollar Index: printed a 22day low on Thursday but remains above 94.80, the major poc, in a strong LT price location.
Gold: GLD – on Thursday GLD printed its highest level since June. There is Resistance at 121.00, the major poc.
Oil: USO – on 12/07 chart found Resistance at 11.41, the Major Poc and is lower from there. This week has fallen sharply to print its lowest level since Sep ’17. This is an important chart. Equity Bulls as well would want to see a recovery back above 11.41.
GBPUSD: last week fell to its lowest level since April 2017. Has bounced from there but remains in a LT weak position.
EURUSD: 11/12 printed its lowest level since June 2017, breaking the August low. Has bounced from there and has this week probed Resistance at 1.1450, the 1/2R off 2017 low.
