emini futures 3rd January 2017 – pre-open from Chartprofit
The minor (2mn) poc migrated slightly higher to 2688. This is now First Level Support and price relative to this level is a guide to ST strength/weakness. Tuesday’s Value Area was generated entirely above this level. Aggressive dayframe Buying (green-at-top) was marked. First sign of weakness would now be Significant Selling (red) marked below 2688.
First Level Resistance = 2688.00 (2mn poc)
First Level Support = 2580 (4mn poc)
Stocks>50dyma numbers: Nyse 67% (from 65%), Nasdaq 58% (from 53%), R2000 52% (from 49%). Numbers >50 are supportive.
Sentiment: My (new) version of the Rydex Assets Ratio was unchanged at 21.46 having reached 22.27 on Thursday, the highest ratio in the database.
Bonds: TLT – in December the chart tested 124.40, the 10mn poc Support and has rallied back from there. Needs to hold this level to maintain a strong price location.
Dollar Index: in early July chart broke below 95.50, the major poc = weak LT price location. Last week broke below the 1/2R off the Sep low and on Tuesday printed a three month low.
Gold: The major poc recently migrated back up to 121.00 and currently chart prints above this level in a strong price location. Cash gold has today printed a three month high.
Oil: USO – the major poc recently migrated higher to 11.41. The migration of a maj poc often preceeds a directional move. This week USO has reached its highest level since June 2016.
GBPUSD: currently printing above 1.3234 (1/2R) in a strong price location.
EURUSD: in December chart tested the 1 year poc Support at 1.1755 and held. Is up from there. On Tuesday the chart approached (but did not exceed) the September high.
USDJPY: two failed probes into the 113.70 maj poc Resistance in December and chart is down from there.
