emini futures reach new high
16th January 2018 – pre-open from Chartprofit
Buyers remain Active and Effective and emini futures reach new high. Aggressive Buying has been marked four times in the last six days and on those days the Value Areas are higher. First sign of dayframe weakness would be Significant Selling (red) being marked and first sign of longer term weakness would be Significant Selling (red) marked below 2688.
Dayframe: For short term traders price relative to 2746.00, the 12day poc is worth monitoring as a guide to ST strength/weakness.
First Level Support = 2688.00 (2mn poc)
Second Level Support = 2580 (4mn poc)
Market Charts: All major Market Charts are positive.
Stocks>50dyma numbers: Nyse 74%, Nasdaq 73%, R2000 66%. Numbers >50 are supportive.
Sentiment: My (new) version of the Rydex Assets Ratio closed on Friday at 15.12. The ratio has fallen sharply since 12/28 when it reachd 22.2, the highest in the database.
Bonds: TLT – I wrote two weeks that “on a 30 minute basis the 15 month poc recently migrated to 126.66. If price remains below this level it could be a negative. I would much prefer TLT printing above this level if I was looking at the long side.” TLT fell last week to print its lowest level since late October.
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 printed a three year low.
Gold – GLD:The major poc recently migrated back up to 121.00 and currently chart prints above this level in a strong price location. Printed a four month high on Friday. Cash Gold indicates that GLD will open lower today.
Oil: USO – the major poc recently migrated higher to 11.41. The migration of a maj poc often preceeds a directional move. Last week USO reached its highest level since December 2015.
GBPUSD: has reached its highest level since June 2016.
EURUSD: in December chart tested the 1 year poc Support at 1.1755 and held. Is up strongly from there to print a three year high.
USDJPY: two failed probes into the 113.70 maj poc Resistance in December and has now broken below 111.30, the 2yr Support.
