emini analysis 16th March 2017 – pre-open from Chartprofit
Note: we are now following the June contract. ES opened just below 2367, the two month poc, and then immediately rallied. A higher, wider Value Area was generated and Aggressive Buying (green-at-top) was marked. There is minor Support at 2375 (minor poc) but as long as ES holds above 2367 it is in a strong price location. Intraday there were one or two extremely high tick readings >1300, last time I saw that was 2nd Feb and before that, 3rd Jan. Breadth numbers improved, see below.
Sentiment: My version of the Rydex Assets Ratio was lower at 12.13. Down from 14.02 recorded 1st March which was the second highest ratio in the database. Note that 1st March is the day of the recent price high.
Stocks>50dyma numbers: Nyse 54% (from 46%), Nasdaq 49% (from 45%), R2000 43% (from 37%). 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. Printed a new low for this decline on Monday but rallied back on Wednesday. Price back above 119 would be a positive.
Dollar Index: fell heavily on Wednesday and now back below 101.00, the 6mn poc.
Gold: on Wednesday chart rallied back above 115.69, the 1/2R off last year’s low which is stronger porice location and cash indicates a higher open today.
Oil: USO – earlier this month spent four days printing below 11.44, the major poc and on Tuesday sharply to its lowest level since November. Weak location.
GBPUSD: the 15mn poc is at 1.2478. Chart has been printing below that level for two weeks and printed a 39day low on Tuesday, tested and held the Support at 1.2112, the 1/2R off the October low, and has rallied from there.
EURUSD: chart is currently printing above 1.0597, the 7mn poc Support.
USDJPY: The 1/2R off the 2015 high comes in at 112.47. Chart is currently printing just above that level.
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