emini analysis 24th May 2017 – pre-open from Chartprofit
I calculate the pocs on various timeframes. Using a five minute sampling I noticed that the 5mn poc had migrated to 2384. This happened pre-open on Monday. I’m using this as a valid Support level. As long ES holds above this level it is in a strong price location.
First Level Support = 2384 (5mn poc)
Second Level Support = 2353 (poc)
Sentiment: My version of the Rydex Assets Ratio was lower again at 81.18 – down from 11.29 since Friday. Largely due to a 30% increase in Bear fund assets this week. This is a contrarian indicator so this is most likely a positive. On 1st March the ratio reached 14.02, the second highest ratio in the database.
Stocks>50dyma numbers: Nyse 51% (from 49%), Nasdaq 49% (from 48%), R2000 46% (from 43%). Numbers >50 are supportive.
Bonds: TLT – now printing back above 121.63, the 8mn poc, in a strong price location.
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 and on Monday printed its lowest level since November.
Gold: recently GLD broke below119.84, the maj poc, and sold off but has recovered enough to probe that poc (Resistance) but not yet print time above it. Time above that level would put GLD back in a strong price location.
Oil: USO – The 4mn poc is at 10.28. Chart found Resistance there every day last week until Friday when it closed strongly above it. Stronger price location. Resistance is at the major poc at 11.44. 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. Last week printed its highest level since October.
EURUSD: last month the chart tested the Support at 1.0597, the 7mn poc, and held. Has rallied from there. On Tuesday printed its highest level since November.
USDJPY: last week tested the Resistance at 113.61, the 4mn poc, but that test looks to have been rejected.
click to enlarge graphic
