emini analysis 17th November 2017 – pre-open from Chartprofit
Thursday’s session found early Support at 2573.50, the 3mn poc, and rallied, see yesterday’s comments. ES is in a strong price location. Significant Selling (red) has not been marked for 63 days. Breadth numbers improved, see below.
First Level Support = 2573.50 (3mn poc)
Sentiment: My version of the Rydex Assets Ratio was unchanged at 15.44 having reached 18.34 on 10/31, the highest ratio in the database.
Stocks>50dyma numbers: Nyse 54% (from 49%), Nasdaq 50% (from 44%), R2000 52% (from 45%). Numbers >50 are supportive.
Bonds: TLT – on Friday chart tested (held) the 124.40 (10mn poc) Support but has recovered this week. If it holds this level it is in a strong price location.
Dollar Index: I said in the video last week that strength in the dollar index would not be confirmed until it has printed some time above 95.50, the major poc Resistance. There has been a sell-off this week and on Wednesday the index tested (held) the Support at 93.46, 8mn poc.
Gold: in early October GLD briefly tested the Major Support at 119.84. Has held since them. As long as chart holds above this level it is in a strong price location.
Oil: USO – As long as chart holds above 10.14, the major poc Support, it is in a strong price location in the LT. In the ST it become technically overbought and is off from last week’s multi-month high. Futures indicate a higher open today for USO.
GBPUSD: currently printing just below 1.3234 (1/2R). The 9mn poc is at 1.2925 and this is LT Support.
EURUSD: Has this week broken back above 1.1755, the 1year poc, and the chart now needs to hold this level to remain in a strong price location.
USDJPY: 111.30 is the 2year poc – for eight weeks the chart has been printing above that level which is now LT Support. The 1/2R off the December high is at 112.98 and the chart is printing below that ST Support today.
click to enlarge graphic
