emini analysis 17th January 2017 – pre-open from Chartprofit
Last week the four month poc migrated slightly higher to 2263.00. Price relative to this level is important to monitor and could be Support or Resistance intraday today. As long as ES holds above this level it is in a strong price location. Significant Selling marked below that point would be a negative.
First Level Support/Resistance = 2263.00 (4 month poc)
Second Level Support = 2159.50 (6month poc)
Momentum (PriceOsc): on the SPY chart just ticked back into positive territory last week but remains negative on the IWM chart.
Sentiment: My version of the Rydex Assets Ratio ended the week at 8.82. On 01/09 the ratio fell to 6.26, an eighteen day low and down sharply from 11.83 on 01/03, the highest ratio since June 2015.
Market Charts: All major Market Charts remained positive.
Stocks>50dyma numbers: Nyse 74%, Nasdaq 68%, R2000 69%. Numbers >50 are supportive.
Supporting Charts
Bonds: TLT – last week the major poc has migrated higher to 121.60. TLT closed below that level on Friday which is a weak price location. Bond futures indicate a higher open today.
Dollar Index: On 01/03 the index printed its highest level since April 2003 but has today printed a 28 day low.
Gold: 11/23 GLD broke below 115.69, the 1/2R off last year’s low which put the chart in a weak price location. This is now Resistance but I note that cash gold is today probing above 1210.38 which is its 1/2R Resistance off last year’s low.
Oil: USO – since the start of December USO has been printing above 10.78, the maj poc. Chart must hold this Support to remain in a strong price location.
EURUSD: in early October chart broke below 1.1165, the 4yr poc, and has been in a weak price location since then. On 01/03 printed its lowest level since early 2003. Has today printed a 28day high.
click graphic to enlarge
