emini analysis 28th February 2017 – pre-open from Chartprofit
See previous, highlighted, comments. Buyers were active and Effective during Monday’s session, see the intraday numbers. A higher Value Area was generated entirely aboive the minor (19day) poc at 2360. ES (and SPY) reached new highs. By any technical measure the market is extremely overbought but Buyers are still in control of the dayframe. I am watching for the first sign that this may be changing and that would be a session of intraday Selling that proves Effective (lower Value Area).
First Level LT Support = 2265.00 (4 month poc)
Key Charts: IWM has been printing above 136.70, the 2mn poc, for eleven days. It’s important that the chart holds this level.
Sentiment: My version of the Rydex Assets Ratio – both Bull fund and Bear fund assets were higher yesterday but the ratio was almost unchanged at 8.98. On 2nd Feb the ratio reached 12.15, the highest since May 2015.
Stocks>50dyma numbers: Nyse 64% (from 62%), Nasdaq 61% (from 57%), R2000 57% (from 54%). Numbers >50 are supportive.
Supporting Charts
Bonds: TLT – the major poc is at 119.00. Since early January the chart has been consolidating above that Support which must hold if TLT is to maintain a strong price location.
Dollar Index: has found Resistance this month at 101.52, the 1/2R off the Jan high. Price above that level would be stronger location. Currently printing at 101.00, the 6month poc. Key Chart.
Gold: in early February GLD broke back above 115.69, the 1/2R off last year’s low, and has since held above that level. On Monday chart probed above the Resistance at 119.84, the major poc, but closed below it.. Price printing time above that level would put the chart in a strong location.
Oil: USO – the major poc is at 11.44 and is important to monitor. USO will likely open very close to that level today.
GBPUSD: the 15mn poc is at 1.2478. Chart currently prints below that level.
EURUSD: chart is printing just above 1.0597, the 7mn poc.
USDJPY: The 1/2R off the 2015 high comes in at 112.47. Chart is currently printing below that level.
click graphic to enlarge
