emini analysis 29th November 2016 – from Chartprofit
emini analysis: Please read previous comments. As long as ES prints above 2159.50 it is in a LT strong price location. The last ten Value Areas have been printed above that level.
Dayframe: First minor sign of weakness would be a Value Area generated below 2200 which is now the 5week poc. Tuesday’s VA was printed above this level.
First Level Support = 2159.50 (6month poc)
Second Level Support = 2106.50 (1/2R off August high)
Supporting Charts
Bonds: TLT – last week the chart printed as low as 119.25, its lowest level since December. The major poc Support is at 117.15.
Dollar Index: last week reached its highest level since April 2003.
Gold: Last week GLD broke below 115.69, the 1/2R off last year’s low which put the chart in a weak price location.
Oil: USO – rallied back to the maj poc at 10.78 and found Resistance there. On Tuesday tested the Support at 10.06, the 1/2R off Feb low. Price below that level would indicate further weakness. This is a Key Chart.
EURUSD: in early October chart broke below 1.1165, the 4yr poc, and has been in a weak price location since then. Last week printed as low as 1.0515, its lowest level since December.
click to enlarge graphic
