emini analysis 13th January 2017 – pre-open from Chartprofit
The four month poc migrated slightly higher to 2263.00. nPrice relative to this level is now important to monitor. As long as ES holds above this level it is in a strong price location. Significant Selling marked below that point would be a negative.
First Level Support = 2263.00 (4 month poc)
Second Level Support = 2159.50 (6month poc)
Momentum (PriceOsc): on the SPY chart has just ticked back into positive but remains negative on the IWM chart.
Sentiment: My version of the Rydex Assets Ratio was higher at 7.74. Monday’s ratio at 6.26 was an eighteen day low. The Ratio has fallen a lot since it reached 11.83 on 01/03, the highest ratio since June 2015.
Stocks>50dyma numbers: Nyse 73% (from 76%), Nasdaq 66% (from 73%), R2000 67% (from 75%). Numbers >50 are supportive.
Supporting Charts
Bonds: TLT – On 12/14 TLT printed its lowest level since July 2015 but has so far held the major poc Support at 117.15 and yesterday printed a two month high.
Dollar Index: On 01/03 the index printed its highest level since April 2003 but yesterday printed a 25 day low.
Gold: 11/23 GLD broke below 115.69, the 1/2R off last year’s low which put the chart in a weak price location. On 12/15 chart printed its lowest level since last January but has rallied from that low. Cash gold printed a 35 day high on Thursday.
Oil: USO – since the start of December USO has been printing above 10.78, the maj poc. Chart must hold this Support to remain in a strong price location.
EURUSD: in early October chart broke below 1.1165, the 4yr poc, and has been in a weak price location since then. On 01/03 printed its lowest level since early 2003.
click on graphic to enlarge
