emini analysis 23rd January 2017 – pre-open from Chartprofit
The four month poc at 2265.00 continues to attract time, see chart. Price relative to this level is important to monitor and could be Support or Resistance intraday today – pre-open today ES prints just below that level. There has been no significant Buying (green) or Selling (red) marked for twelve days and this lack of directional commitment has resulted in overlapping Value Areas, see chart. If ES is printing above 2265.00 it is in a strong price location. Significant Selling marked below that point would be a negative.
First Level Support/Resistance = 2265.00 (4 month poc)
Second Level Support = 2159.50 (6month poc)
Sentiment: My version of the Rydex Assets Ratio ended the week at 10.74. On 01/03 the ratio reached 11.83, the highest ratio since June 2015.
Market Charts: Nyse and UK remained positive, Nasdaq and R2000 turned neutral from positive.
Stocks>50dyma numbers: Nyse 64%, Nasdaq 54%, R2000 52%, UK 72%. Numbers >50 are supportive.
Supporting Charts
Bonds: TLT – two weeks ago the major poc migrated higher to 121.60. TLT closed below that level on Wednesday through Friday. TLT must print back above this level to maintain a strong price location.
Dollar Index: On 01/03 the index printed its highest level since April 2003. Off from there and today has printed a 32 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 Resistance level was probed last week. Cash gold also stalled at 1210.38, its equivalent 1/2R Resistance, but is today printing above that level.
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 printed a 31day high today.
click graphic to enlarge
