emini analysis 13th February 2017 – pre-open from Chartprofit
See previous highlighted comments. Note that 2281 is no longer a valid level of Support because ES has exceeded the high that level was calculated from. Friday closed above Mon-Wed Range which indicates Active Buyers on the weekly timeframe and in the dayframe Aggressive Buying (green-at-top) was marked.
As long as ES holds above 2265.00 (4mn poc) it is in a strong price location in the LT. Breadth numbers all back above 50, see below.
First Level Support = 2265.00 (4 month poc)
Second Level Support = 2159.50 (6month poc)
Key Charts: On Friday IWM closed above 136.70, the 2mn poc Resistance. Time above that level would be a positive.
Sentiment: My version of the Rydex Assets Ratio ended the week at 7.53. Six days earlier on 2nd Feb the ratio reached 12.15, the highest since May 2015.
Market Charts: Nyse, Nasdaq and UK are positive. R2000 remained neutral.
Stocks>50dyma numbers: Nyse 65%, Nasdaq 58%, R2000 54%, UK 79%. Numbers >50 are supportive.
Supporting Charts
Bonds: TLT – the major poc is now at 119.00. TLT must hold this level to price location.
Dollar Index: has rallied to test the Resistance at 101.00, the 6month poc. This was the high on Friday and again, so far, today.
Gold: 115.69 is the 1/2R off last year’s low. GLD has been printing above that level for seven days now and on Wednesday closed at its highest level since November 10th. There is Resistance at 119.84, the major poc.
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 above that level on Friday.
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 above that level and is today printing back above 113.61, the 4mn poc in a strong price location.
click graphic to enlarge
