emini analysis 14th February 2017 – pre-open from Chartprofit
Aggressive Buying (green-at-top) was marked again on Monday. There are no local Support levels here – ES in new ground. Current distribution suggests ES may find Resistance at 2360 if it reaches that level.
As long as ES holds above 2265.00 (4mn poc) it is in a strong price location in the LT. Breadth numbers all back above 50, see below.
First Level Support = 2265.00 (4 month poc)
Second Level Support = 2159.50 (6month poc)
Key Charts: On Friday IWM closed above 136.70, the 2mn poc Resistance (now Support). Monday held this level.
Sentiment: My version of the Rydex Assets Ratio was higher at 8.95. Seven days ago on 2nd Feb the ratio reached 12.15, the highest since May 2015.
Stocks>50dyma numbers: Nyse 67% (from 65%), Nasdaq 59% (from 58%), R2000 56% (from 54%). Numbers >50 are supportive.
Supporting Charts
Bonds: TLT – the major poc is now at 119.00. TLT must hold this level to price location.
Dollar Index: as rallied to probe the Resistance at 101.00, the 6month poc. Very clear Resistance for last three days and is the high today, so far. Key Chart
Gold: 115.69 is the 1/2R off last year’s low. GLD has been printing above that level for eight days now and last week reached its highest level since November 10th. There is Resistance at 119.84, the major poc. Cash indicates a higher open for GLD today.
Oil: USO – the major poc recently migrated higher from 10.78 to 11.44. Price relative to 11.44 is now important to monitor. USO closed below that level on Monday.
GBPUSD: currently holding above the 1.2419 Support (15mn poc).
USDJPY: The 1/2R off the 2015 high comes in at 112.47. Chart is currently printing above that level.
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