emini analysis 29th March 2017 – pre-open from Chartprofit
Intraday Buyers were active on Tuesday, see intraday numbers, and a higher Value Area was generated. This was Effective intraday Buying, see yesterday’s comments.
ES opened below 2340.5, the minor poc, but quickly auctioned above it. The Value Area was generated entirely above that level which is now minor Support. Significant Buying (green) marked above 2340.50 would be a positive. In the longer timeframe if ES prints below 2367, the 2month poc, it is in a weak price location.
Resistance = 2367.00 (2month poc)
Minor Support = 2340.50 (12 day poc)
Key Chart: IWM is in a weak price location below 136.70, its 2mn poc.
Sentiment: My version of the Rydex Assets Ratio was lower at 11.8. On 1st March the ratio reached 14.02, the second highest ratio in the database.
Stocks>50dyma numbers: Nyse 47% (from 43%), Nasdaq 45% (from 43%), R2000 41% (from 37%). Numbers >50 are supportive.
Supporting Charts
Bonds: TLT – the major poc is at 119.00 and chart broke back above it last week to print in a strong price location. Key Chart.
Dollar Index: on Monday chart printed its lowest level since November. Has rallied a little from there.
Gold: chart has rallied back to the maj poc Resistance at 119.84. Price printing time above this level would be strong price location.
Oil: USO – earlier this month spent four days printing below 11.44, the major poc and then fell sharply to its lowest level since November. Weak price location. Key chart. The Support at 10.06 (1/2R off 2016 low) was reached last week and held. Time printed below that level would further weaken the price location and likely be a problem for equities as well.
GBPUSD: on Monday chart printed its highest level since early February. Has retraced from there and today has found intraday Support at 1.2375, the 1/2R off Dec high.
EURUSD: on Monday chart printed its highest level since November.
USDJPY: on Monday chart printed its lowest level since November.
click graphic to enlarge
