emini futures 25th January 2018 – pre-open from Chartprofit
Wednesday’s session generated an “outside” Value Area and enough time was spent at 2839.00 that the minor (18day) poc migrated to this level. Price relative to this level is worth monitoring for intraday strength/weakness. First sign of dayframe weakness would be Significant Selling (red) being marked – this has not been marked for 23 days. First sign of longer term weakness would be Significant Selling (red) marked below 2688.
First Level Support = 2688.00 (3mn poc)
Stocks>50dyma numbers: Nyse 73% (from 75%), Nasdaq 71% (from 76%), R2000 64% (from 69%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 17.13. On 12/28 the ratio reached 22.27, the highest ratio in the database.
Bonds: TLT – on Wednesday print its lowest level since late October. 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 has today printed its lowest level since December 2014.
Gold – GLD: The major poc recently migrated back up to 121.00 the chart has rallied strongly from there to print its highest level since August 2016 on Wednesday.
Oil: USO – chart has reached its highest level since November 2015.
GBPUSD: has today 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 and has today printed its highest level since December 2014.
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. Has today printed its lowest level since September.
