emini analysis 10th April 2017 – pre-open from Chartprofit
See Friday’s comments. The three month poc migrated to 2360 on Wednesday and was subsequently Resistance on Thursday and Friday, see chart. This is the important level to monitor. Price printing time above this level would be a positive. If the 2month distribution is still current and developing then the Value Area Low (VAL) at 2342 should provide Support as it did last week – see dotted line.
Sentiment: My version of the Rydex Assets Ratio finished the week at 10.70. On 1st March the ratio reached 14.02, the second highest ratio in the database.
Market charts: Nyse, Nasdaq, R2000 are negative; UK is neutral.
Stocks>50dyma numbers: Nyse 48%, Nasdaq 43%, R2000 41%, UK 68%. Numbers >50 are supportive.
Bonds: TLT – on Friday there was another rejected probe of 121.63, the 8mn poc. 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: has rallied back from the March low and is currently printing just above 101.00, the major poc, in a stronger price location.
Gold: on Friday there was another rejected probe of 119.84, the maj poc. Price printing time above this level would be strong location.
Oil: USO – The Support at 10.06 (1/2R off 2016 low) was reached mid-March and held. USO rallied last two weeks and on Friday closed above 10.84, the 1/2R Resistance off last year’s high. In the LT if chart is printing below 11.44, the major poc it is in a weak price location. Key chart.
GBPUSD: Currently printing below 1.2478, the maj poc. Price printing time above this level would be stronger location. There is Support at 1.2375, the 1/2R off Dec high.
EURUSD: is today testing the Support at 1.0597, the 7mn poc.
USDJPY: printing below 113.61, the 4mn poc, in a weak price location.
click graphic to enlarge
