emini analysis 1st May 2017 – pre-open from Chartprofit
ES auctioned higher early last week and then consolidated through Friday, see last Tuesday’s highlighted comments. Breadth numbers improved and are now Supportive. Momentum (PriceOsc) on the SPY chart turned positive. In the LT as long as ES holds above 2353 it is in a strong price location.
Sentiment: My version of the Rydex Assets Ratio ended the week at 11.84. On 1st March the ratio reached 14.02, the second highest ratio in the database.
Market charts: Nyse remained negative, Nasdaq turned positive, R2000 turned neutral (from positive).
Stocks>50dyma numbers: Nyse 56%, Nasdaq 58%, R2000 60%. Numbers >50 are supportive.
Bonds: TLT – last week TLT tested 121.63, the 8mn poc, and has held that Support so far. Key Chart.
Dollar Index: rallied back from the March low to probe 101.00, the major poc, in early April. That probe into Resistance was rejected. Chart remains in a weak price location.
Gold: in April GLD broke above 119.84, the maj poc, and has since held that level. Bulls would to see that level providing Support if tested again.
Oil: USO – The Support at 10.06 (1/2R off 2016 low) was reached mid-March and held. USO rallied from there but has re-tested that level this 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: In the LT, as long as chart holds above above 1.2478, the maj poc, it is in a string price location. Printed a six month high on Friday.
EURUSD: earlier in the month chart tested the Support at 1.0597, the 7mn poc, and held. Chart is in a strong price location above that level and last week 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
