emini futures 22nd January 2017 – pre-open from Chartprofit
See previous, highlighted, comments. The week finished strong and Aggressive Buying (green) was marked on Friday. The minor (12day) poc migrated to 2807.50. Price relative to this level may be a useful guide to ST strength/weakness at the start of this week. 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.
First Level Support = 2688.00 (2mn poc)
Second Level Support = 2580 (4mn poc)
Market Charts: All major Market Charts are positive.
Stocks>50dyma numbers: Nyse 73%, Nasdaq 75%, R2000 69%. Numbers >50 are supportive.
Sentiment: My (new) version of the Rydex Assets Ratio ended the week at 17.49. On 12/28 the ratio reached 22.27, the highest ratio in the database.
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 – chart recently reached its highest level since December 2015 and is holding close to that level.
GBPUSD: last week chart 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 last 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.
