emini analysis 9th May 2017 – pre-open from Chartprofit
Last week there was a rejected test of the one month VAL at 2380, (dashed line) see Wednesday’s highlighted comments. In the ST as long as ES holds above 2385 it is in a strong price location and in the LT as long as ES holds above 2353 (3month poc) it is in a strong price location.
Sentiment: My version of the Rydex Assets Ratio was slightly higher at 10.68. On 1st March the ratio reached 14.02, the second highest ratio in the database.
Stocks>50dyma numbers: Nyse 52% (from 55%), Nasdaq 56% (from 57%), R2000 54% (from 55%). Numbers >50 are supportive.
Bonds: TLT – printing below 121.63, the 8mn poc, in a weaker price location. 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 but has printed a twelve day high today.
Gold: last week GLD broke below119.84, the maj poc, and also below 119.07, the 1/2R off last year’s high. Weak price location.
Oil: USO – The Support at 10.06 (1/2R off 2016 low) was broken last week. Bulls would want to see USO back above that level. If not Oil could become a problem for equities. Key chart.
GBPUSD: In the LT, as long as chart holds above above 1.2478, the maj poc, it is in a strong price location. On Monday printed its highest level since September.
EURUSD: last month the chart tested the Support at 1.0597, the 7mn poc, and held. Chart is in a strong price location above that level and on Monday printed its highest level since November.
USDJPY: has been printing below 113.61, the 4mn poc, in a weak price location since early March but today has broken above that Resistance.
click to enlarge graphic
