emini futures 28th December 2018 – pre-open from Chartprofit
Early in Tuesday’s session there was a rejected test of the first possible Support that ES could find which was Wednesday’s controlling price (dashed red line) and a strong rally followed. Holding the previous day’s poc is a minor indication of strength. The next positive would be Aggressive Buying (green-at-top) being marked. Unfortunately, price action didn’t quite allow me to mark it on Thursday.
Stocks>50dyma numbers: Nyse 10% (from 9%), Nasdaq 10% (from 9%), R2000 9% (unch). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was slightly higher at 6.95. Up from 6.41 on Monday, the lowest ratio since November 2016.
Bonds: TLT – last week TLT probed 121.00, the major poc. This is important Resistance and we have yet to see a daily bar printed entirely this level. However, time spent above the poc would put TLT in a strong price location.
Dollar Index: as long as DXY prints above 94.80, the major poc, it is in a strong LT price location.
Gold: GLD – this week GLD has printed its highest level since June and has briefly probed the Resistance at 121.00, the major poc. “If” GLD can print time above this level it would be in a stronger position.
Oil: USO – on 12/07 chart found Resistance at 11.41, the Major Poc and is fell sharply lower from there and on Wednesday printed its lowest level since July 2017. This is an important chart. Equity Bulls as well would want to see a recovery back above 11.41.
GBPUSD: on 12/12 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. Bounced from there and has probed the Resistance at 1.1450, the 1/2R off 2017 low, but has not printed significant time above it.
USDJPY: has fallen back below 111.30, the major poc and is currently in a weak LT position.
