emini futures 30th November 2018 – pre-open from Chartprofit
See previous highlighted comments. With regard to the test last week of 2634, the 12mn VAL, I wrote…”Bulls would want to see another rejection here and a rally”. On Wednesday I marked Aggressive Buying for the second time this week and ES has rallied back above 2718, the major poc. Time printed above that level would be the next positive and an improvement in the Breadth numbers. Thursday’s Value Area was printed entirely above the poc.
ETFs Maj POC levels: SPY 271.7, IWM 153.5
Stocks>50dyma numbers: Nyse 42% (unch), Nasdaq 36% (from 38%), R2000 38% (from 39%). Numbers >50 are supportive.
Sentiment: Rydex Data was unavailable today. from yesterday – My version of the Rydex Assets Ratio was almost unchanged at 11.97. I wrote on Tuesday “If the market manages to rally I’d really like to see this ratio fall”. On 11/05 the ratio fell to 8.15 which was the lowest ratio in more than a year. The peak reading is 27.55 recorded 09/07 which equalled the highest ratio in the database.
Bonds: TLT – declined sharply since breaking below 121.00, the major poc, at the start of September. 11/02 broke lower and subsequently printed its lowest level since Jul 2014. Has bounced from there.
Dollar Index: 11/12 DXY printed its highest level since June 2017. The major poc is at 94.80 and chart printed a higher low at that Support earlier in the month – it remains in a strong LT price location above that level.
Gold: GLD – The major poc is at 121.00 and this Support was broken 06/19. Chart remains in a LT weak position. It is possible the poc could migrate lower with time – I am monitoring that. There is minor Resistance at 116.0, the 11mn poc, and this has been probed (but not exceeded) both last week and this week.
Oil: USO – Broke below 12.79, the 12mn poc, earlier in the month and at the end of last week broke below 11.41, the Major Poc. Bulls would want to see that level recovered.
GBPUSD: remains in a weak LT location below 1.3200, the major poc.
EURUSD: 11/12 printed its lowest level since June 2017, breaking the August low. Chart remains in a weak price location if it prints below 1.1450, the 1/2R off 2017 low.
USDJPY: the major poc is at 111.30. Chart is printing above that level and looks to have formed a higher low at that poc.
