emini analysis 24th April 2017 – pre-open from Chartprofit
I wrote pre-open Friday that “today’s session is an important test for the Bulls. Can they auction ES above yesterday’s green-at-top high? Can they keep price above the poc at ES 2353? Can the breadth numbers hold above 50%? Will we see a strong end to the week for SPY and a “Buyers Active” Weekly Structure?”
You can see from the chart that Friday’s session did not pass the test with ES finding Resistance at 2353 – but today will open strongly higher following some clarity re the French election over the weekend. Bulls would now want to see ES holding above that level and a big positive would be Significant Buying marked above that price.
Sentiment: My version of the Rydex Assets Ratio finished the week at 9.84. On 1st March the ratio reached 14.02, the second highest ratio in the database.
Market Charts: Nyse, Nasdaq, R2000 remained negative. UK remained neutral.
Stocks>50dyma numbers: Nyse 50%, Nasdaq 49%, R2000 52%. Numbers >50 are supportive.
Bonds: TLT – earlier in the month TLT closed above 121.63, the 8mn poc and rallied from there to reach its highest level since early November. Key Chart. Future indicate a lower open for TLT today.
Dollar Index: rallied back from the March low to probe 101.00, the major poc, earlier in the month. That probe into Resistance was rejected. Chart remains in a weak price location.
Gold: earlier in the month 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 to print above 10.84, the 1/2R Resistance off last year’s high, but has broke back below that level last week. In the LT if the chart is printing below the major poc at 11.44 it is in a weak price location. Key chart.
GBPUSD: printed above 1.2478, the maj poc, for four days and on Tuesday last week surged higher.
EURUSD: earlier in the month chart tested the Support at 1.0597, the 7mn poc, and held. Chart has been in a strong price location above that level and has today rallied to its highest level since November.
USDJPY: has been printing below 113.61, the 4mn poc, in a weak price location since early March.
click graphic to enlarge
