emini analysis 11th April 2017 – pre-open from Chartprofit
Please read Friday’s highlighted comments. During Monday’s session the three month poc migrated to 2353. This suggests that the current distribution which began in February may be complete/near completion and a new distribution will begin. There has been no directional conviction recently (no Significant Buying or Selling marked) – that may change soon. It is now very important for the Bulls that ES prints above 2353. Overnight this level has been minor Resistance. Note also that the VAL of this distribution is no longer at 2342 and therefore Support is no longer expected at this level.
Key chart SPY: the 3mn poc is now at 236.18. Price below this level is weak location.
Sentiment: My version of the Rydex Assets Ratio was higher at 11.00. On 1st March the ratio reached 14.02, the second highest ratio in the database.
Stocks>50dyma numbers: Nyse 52% (from 48%), Nasdaq 44% (from 43%), R2000 43% (from 41%). 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: rallied back from the March low to probe 101.00, the major poc. Currently printing just below that level.
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 and Monday 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, and this held on Monday.
EURUSD: on Monday tested the Support at 1.0597, the 7mn poc, and has held so far.
USDJPY: printing below 113.61, the 4mn poc, in a weak price location.
click graphic to enlarge
