emini futures 29th January 2018 – pre-open from Chartprofit
Friday’s session generated a higher, wider, Value Area and Aggressive Buying was marked again. First sign of dayframe weakness would be Significant Selling (red) being marked – this has not been marked for 25 days. First sign of longer term weakness would be Significant Selling (red) marked below 2688. See Sentiment, below.
First Level Support = 2688.00 (3mn poc)
Market Charts: All major Market Charts remain positive.
Stocks>50dyma numbers: Nyse 74%, Nasdaq 70%, R2000 64%. Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio ended the week at 24.24, the highest ratio in the database.
Bonds: TLT – last week printed its lowest level since late October. Remains in a weak price location. Through last week held the Support at 123, the 1/2R off last year’s low but futures indicate TLT will open below that level today.
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.
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 last week.
Oil: USO – last week chart reached its highest level since November 2015.
GBPUSD: last week reached its highest level since June 2016. Down from that level today.
EURUSD: in December chart tested the 1 year poc Support at 1.1755 and held. Last week printed its highest level since December 2014. Down from that level today.
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.
