emini analysis 18th April 2017 – pre-open from Chartprofit
Early last week the three month poc migrated to 2353. Price below that level is weak location. On Thursday the 3month VAL at 2334 (dashed line) was tested. ES rallied on Monday but should price be accepted around 2334 (rather than rejection) it would likely be a negative indication.
Key chart SPY: printing below 236.18, the 3mn poc, in a weak price location.
Sentiment: My version of the Rydex Assets Ratio was higher on Monday at 11.28. On 1st March the ratio reached 14.02, the second highest ratio in the database.
Market Charts: All major US Market Charts are negative.
Stocks>50dyma numbers: Nyse 47%%, Nasdaq 41%, R2000 41%. Numbers >50 are supportive.
Bonds: TLT – on Tuesday alst week TLT closed above 121.63, the 8mn poc in a stronger price location and has since held that level (Support). Key Chart.
Dollar Index: rallied back from the March low to probe 101.00, the major poc, early last week. That probe into Resistance appeares to have been rejected
Gold: early last week GLD closed above 119.84, the maj poc, and has since held that level (Support).
Oil: USO – The Support at 10.06 (1/2R off 2016 low) was reached mid-March and held. USO rallied from there and is printing above 10.84, the 1/2R Resistance off last year’s high. In the LT if chart is printing below the major poc at 11.44 (which it is), the chart is in a weak price location. Key chart.
GBPUSD: printed above 1.2478, the maj poc, for four days and today has surged higher.
EURUSD: last week tested the Support at 1.0597, the 7mn poc, and held. Printing up from that level today.
USDJPY: has been printing below 113.61, the 4mn poc, in a weak price location since early March.
click to enlarge graphic
