emini analysis 5th April 2017 – pre-open from Chartprofit
The minor poc migrated slightly higher to 2347.50 and this provided Support early on Tuesday. ES rallied back to 2357.50, the 1/2R off March high, where it found Resistance. Pre-open ES prints above this level.
Resistance = 2367.00 (2month poc)
possible S/R today = 2357.50 (minor 1/2R off this month’s high) dashed line.
Minor Support = 2347.5 (16day poc)
Key Chart: IWM – Chart closed above 135.00, the 2mn poc. Price below this level would be weaker location.
Sentiment: My version of the Rydex Assets Ratio was almost unchanged at 9.3. On 1st March the ratio reached 14.02, the second highest ratio in the database.
Stocks>50dyma numbers: Nyse 47% (from 46%), Nasdaq 44% (from 46%), R2000 41% (from 42%). Numbers >50 are supportive.
Bonds: TLT – The 8mn poc migrated to 121.63 last week and TLT has stalled at that level this week. This is the controlling price of the current distribution. Price printing time above that point would be a stronger price location. Chart is printing above 119.00, the major poc, which is the important Support to monitor. Key Chart.
Dollar Index: rallied last week but is still printing below 101.00, the major poc, in a weak price location.
Gold: chart has rallied back to 119.84, the maj poc. Found Resistance there in February, again in March and currently as well. Price printing time above this level would be strong location.
Oil: USO – rallied last week and this but is printing below 11.44, the major poc in a LT weak price location. Key chart. The Support at 10.06 (1/2R off 2016 low) was reached mid-March and held. Time printed below that level would further weaken the price location and likely be a problem for equities as well.
GBPUSD: last week the chart found Support at 1.2375, the 1/2R off Dec high. Currently printing very close to 1.2478, the maj poc. Price printing time above this level would be stronger location.
EURUSD: lower recently but still holding above 1.0597, the 7mn poc, in a strong price location.
USDJPY: printing below 113.61, the 4mn poc, in a weak price location.
click graphic to enlarge
