emini analysis 13th March 2017 – post-open (30 minutes) from Chartprofit
On Friday there was an early rejected probe above 2375, our First Level Resistance. Even so a higher Value Area was generated above 2365 which is First Level Support. These levels being based on the March contract. Tomorrow the analysis will be based on the June contract which becomes the front month.
In the longer timeframe the Selling over the last seven days can be considered Reactive since it took place above the poc Support. Effective Selling marked below 2365 would likely indicate something more serious in the longer timeframe. This is a possibility considering the recent Sentiment excesses.
Sentiment: My version of the Rydex Assets Ratio finished the week at 13.52 down from 14.02 recorded the previous week which was the second highest ratio in the database.
Market Charts: Nyse turned negative, Nasdaq and R2000 remained neutral and UK stayed positive.
Stocks>50dyma numbers: Nyse 48%, Nasdaq 46%, R2000 38%, UK 74%. Numbers >50 are supportive.
Supporting Charts
Bonds: TLT – the major poc is at 119.00. Since early January the chart was consolidating above that Support but last week broke back below that level and is in a weak price location. KEY chart.
Dollar Index: Currently holding the 6mn Support at 101.00.
Gold: in early February GLD broke back above 115.69, the 1/2R off last year’s low, and held above that level until two days ago when it closed below it. Gold bulls would want to see GLD recover that level.
Oil: USO – spent four days printing below 11.44, the major poc and last week fell sharply to its lowest level since November.
GBPUSD: the 15mn poc is at 1.2478. Chart has been printing below that level for ten days and has last week printed a 38day low. There is Support at 1.2112, the 1/2R off the October low.
EURUSD: chart is now printing above 1.0597, the 7mn poc in a stronger price location.
USDJPY: The 1/2R off the 2015 high comes in at 112.47. Chart is currently printing above that level.
click graphic to enlarge
