emini analysis 27th April 2017 – pre-open from Chartprofit
ES has auctioned higher this week. Value Areas on Tuesday and Wednesday were generated above 2371 (dashed line), the 3month VAH, see Tuesday’s highlighted comments. Bulls would not want to see ES printing time close to 2371. Breadth numbers have improved this week and momentum on the SPY chart (PriceOsc) is now positive, see Pulse Chart.
Sentiment: My version of the Rydex Assets Ratio was lower at 9.56 (from 10.18). On 1st March the ratio reached 14.02, the second highest ratio in the database.
Stocks>50dyma numbers: Nyse 63% (from 62%), Nasdaq 65% (from 62%), R2000 70% (from 68%). Numbers >50 are supportive.
Bonds: TLT – earlier in the month chart closed above 121.63, the 8mn poc and has held that level. However, TLT is lower this week and on Tuesday and Wednesday tested (but did not break) that Support. Key Chart.
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. GLD is lower this week – Bulls would to see that level providing 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 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. Has today printed a six month high.
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 on Tuesday 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 to enlarge graphic
