emini futures 30th January 2018 – pre-open from Chartprofit
Overnight the minor (25day) poc migrated to 2841.50. Price relative to this level is worth monitoring intraday for ST strength/weakness. First sign of dayframe weakness would be Significant Selling (red) being marked (not marked for 26 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 69% (from 74%), Nasdaq 67% (from 70%), R2000 59% (from 64%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was almost unchanged at 24.16. Monday’s ratio at 24.24 is the highest ratio in the database.
Bonds: TLT – on Monday chart 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 closed just below that level on Monday.
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 and last week printed 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.
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.
