emini analysis 14th March 2017 – pre-open from Chartprofit
Note: we are now following the June contract. The March contract is still active and found Resistance at 2375 on Monday, our First Level Resistance. Since the First Level Support moved to 2365 last week, both Value Areas have been generated above that level. Significant Selling marked below 2365 would be a sign of weakness. Pre-open ES prints very close to that level. Significant Buying marked above 2375 would be a sign of strength.
Sentiment: My version of the Rydex Assets Ratio was slightly lower at 13.34. Down from 14.02 recorded 1st March which was the second highest ratio in the database. Note that 1st March is the day of the recent price high.
Stocks>50dyma numbers: Nyse 46% (from 48%), Nasdaq 47% (from 46%), R2000 38% (unch). Numbers >50 are supportive.
Supporting Charts
Bonds: TLT – the major poc is at 119.00. Since early January the chart was consolidating above that Support but last week broke back below that level and is in a weak price location. Printed a new low for this decline on Monday.
Dollar Index: Currently holding 101.00, the 6mn Support.
Gold: in early February GLD broke back above 115.69, the 1/2R off last year’s low, and held above that level until last week when it closed below it. Gold bulls would want to see GLD recover that level.
Oil: USO – spent four days printing below 11.44, the major poc and last week fell sharply to its lowest level since November. Futures indicate a lower open today for USO.
GBPUSD: the 15mn poc is at 1.2478. Chart has been printing below that level for two weeks and has printed a 39day low today and has tested the Support at 1.2112, the 1/2R off the October low.
EURUSD: chart is currently printing above 1.0597, the 7mn poc in a stronger price location.
USDJPY: The 1/2R off the 2015 high comes in at 112.47. Chart is currently printing above that level.
click graphic to enlarge
