emini analysis 12th April 2017 – pre-open from Chartprofit
The three month poc migrated to 2353 on Monday. It is now very important for the Bulls that ES prints above that level. During Tuesday’s session the 3month VAL at 2334 (dashed line) was tested and ES rallied but did not print higher than the 2353 Resistance. Acceptance of price around 2334 (rather than rejection) would likely be a negative indication.
Key chart SPY: the 3mn poc is now at 236.18. Price below this level is weak location.
Sentiment: My version of the Rydex Assets Ratio was slightly lower at 10.88. On 1st March the ratio reached 14.02, the second highest ratio in the database.
Stocks>50dyma numbers: Nyse 54% (from 52%), Nasdaq 45% (from 44%), R2000 48% (from 43%). Numbers >50 are supportive.
Bonds: TLT – on Tuesday TLT closed above 121.63, the 8mn poc in a stronger price location. Key Chart.
Dollar Index: rallied back from the March low to probe 101.00, the major poc. Currently printing just below that level.
Gold: on Tuesday GLD closed aboive 119.84, the maj poc, in a stronger price location.
Oil: USO – The Support at 10.06 (1/2R off 2016 low) was reached mid-March and held. USO rallied last two weeks and on Friday and this week has closed above 10.84, the 1/2R Resistance off last year’s high. In the LT if chart is printing below 11.44, the major poc it is in a weak price location. Key chart.
GBPUSD: Currently printing just above 1.2478, the maj poc. Price printing time above this level would be a positive.
EURUSD: on Monday tested the Support at 1.0597, the 7mn poc, and has held so far.
USDJPY: printing below 113.61, the 4mn poc, in a weak price location.
click graphic to enlarge
