emini analysis 25th May 2017 – pre-open from Chartprofit
Dayframe: I’ve extended the poc lines of the last three sessions to the right. You can see the low of following sessions came in at these level. These being first available Support on the daily timeframe and indicates an uptrend. The first indication of weakness that would disrupt that trend would be price printing time below 2398, which is yesterday’s poc and also the 10day poc.
Pulse Chart: Momentum (PriceOsc) remains positive and has now ticked back up. Breadth remains neutral.
First Level Support = 2384 (5mn poc)
Second Level Support = 2353 (poc)
Sentiment: My version of the Rydex Assets Ratio was lower again at 7.75, a 71 day low. Down from 11.29 since Friday. 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% (unch), Nasdaq 49% (unch), R2000 45% (from 46%). 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 the Resistance at 113.61 (4mn poc) was tested, but that test looks to have been rejected.
click to enlarge graphic
