emini analysis 10th February 2017 – pre-open from Chartprofit
See yesterday’s highlighted comments. Wednesday’s session found Support at 2281.00 (dashed line), the very minor 1/2R off the recent high. From there ES rallied to a new high on Thursday and is holding strong pre-open today. Buying (green) marked above 2281.00 would be a positive. As long as ES holds above 2265.00 (4mn poc) it is in a strong price location in the LT.
First Level Support = 2265.00 (4 month poc)
Second Level Support = 2159.50 (6month poc)
Key Charts; On Thursday IWM closed above 136.70, the 2mn poc Resistance. Time above that level would be a positive.
DAX is currently printing above 11577.00, its 3mn poc.
Sentiment: My version of the Rydex Assets Ratio was slightly lower at 10.05. Last Thursday’s ratio at 12.15 was the highest since May 2015.
Stocks>50dyma numbers: Nyse 59% (from 54%), Nasdaq 55% (from 47%), R2000 48% (from 41%). Numbers >50 are supportive.
Supporting Charts
Bonds: TLT – three weeks ago the major poc migrated higher to 121.60. On Wednesday this level was probed but TLT closed below it on Thursday. Time above that poc would put chart in a stronger price location.
Dollar Index: has rallied off last week’s low and is currently approaching the Resistance at 101.00, the 6month poc.
Gold: 115.69 is the 1/2R off last year’s low. GLD closed above that level last week and on Wednesday closed at its highest level since November 10th. Stronger price location but closed down on Thursday and cash indicates a lower open today fror GLD.
Oil: USO – the major poc recently migrated higher from 10.78 to 11.44. Price relative to 11.44 is now important to monitor. USO closed below that level on Thursday in a weak price location. Futures indicate a higher open for USO today.
GBPUSD: currently holding above the 1.2419 Support (10mn poc).
USDJPY: The 1/2R off the 2015 high comes in at 112.47. Chart is currently printing back above that level and now probing the 4mn poc at 113.61.
click to enlarge graphic
