ES emini futures 11th January 2018 – pre-open from Chartprofit
ES emini futures generated a lower Value Area on Wednesday but rallied back to close near the session high. Pre-open ES has printed as high as 2756.50. 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: 2746.00 is the v min (9day) poc. For short term traders price relative to this level is worth monitoring as a guide to strength/weakness today.
ES emini futures First Level Support = 2688.00 (2mn poc)
ES emini futures Second Level Support = 2580 (4mn poc)
Stocks>50dyma numbers: Nyse 68% (from 70%), Nasdaq 68% (from 66%), R2000 58% (from 59%). Numbers >50 are supportive.
Sentiment: My (new) version of the Rydex Assets Ratio was lower at 17.48 (from 18.66). On 12/28 the ratio reached 22.27, the highest ratio in the database.
Bonds: TLT – I wrote early last week 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 has fallen this 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 off the Sep low and last week 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.
Oil: USO – the major poc recently migrated higher to 11.41. The migration of a maj poc often preceeds a directional move. On Wednesday USO has reached its highest level since December 2015.
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. Last week the chart approached (but did not exceed) the September high.
USDJPY: two failed probes into the 113.70 maj poc Resistance in December. Printed a 30day low on Wednesday.
