emini futures 31st January 2018 – pre-open from Chartprofit
In early September Momentum (PriceOsc) turned positive. Since that point there has been seventeen days when Aggressive Buying (green) has been marked. There wasn’t a subsequent close below the lows of those Green Bars until yesterday. That pattern, indicating a strong up-trend, was broken when Tuesday’s close was marked below Friday’s green-bar low. Note that no Aggressive Dayframe Selling (red) has yet been marked but yesterday’s price action may indicate a slowing up of the daily trend – note also that the PriceOsc has turned down – see Pulse Chart. 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 63% (from 69%), Nasdaq 62% (from 67%), R2000 53% (from 59%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio higher at 25.55, 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 below that level on Monday and Tuesday.
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.
