emini futures 2nd February 2018 – pre-open from Chartprofit
The minor (26 day) poc is at 2839, see previous comments, and the last three Value Areas have been printed below that level with the poc as clear Resistance, see chart. Significant Buying marked above 2839 would indicate higher but currently ES is in a ST weak location below that level. Overnight ES has printed below 2800.
First Level LT Support = 2688.00 (3mn poc)
Stocks>50dyma numbers: Nyse 60% (from 61%), Nasdaq 59% (from 58%), R2000 50% (from 49%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was lower at 26.21. 27.16 Down from Tuesday’s ratio at 27.55, the highest ratio in the database.
Bonds: TLT – on Thursday chart printed a new eight month low. Remains in a weak price location. Major Support at 119.00.
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. There is Support at 87.25 which is the 1/2R off 2008 low.
Gold – GLD: The major poc recently migrated back up to 121.00 – the chart has rallied strongly from there and last week printed its highest level since August 2016.
Oil: USO – last week chart reached its highest level since November 2015.
GBPUSD: last week reached its highest level since June 2016.
EURUSD: in December chart tested the 1 year poc Support at 1.1755 and held. Last week printed its highest level since December 2014.
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.
