emini analysis 13th 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 recovers back above that level – currently price is in a weak location. During Tuesday’s session the 3month VAL at 2334 (dashed line) was tested and ES rallied but overnight that level has been tested again. 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 higher at 11.44. On 1st March the ratio reached 14.02, the second highest ratio in the database.
Stocks>50dyma numbers: Nyse 47% (from 54%), Nasdaq 40% (from 45%), R2000 41% (from 48%). Numbers >50 are supportive.
Bonds: TLT – on Tuesday TLT closed above 121.63, the 8mn poc in a stronger price location and was higher on Wednesday. Key Chart.
Dollar Index: rallied back from the March low to probe 101.00, the major poc but has retraced from that Resistance this week.
Gold: on Tuesday GLD closed above 119.84, the maj poc, in a stronger price location and was higher on Wednesday.
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 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
