emini analysis 15th February 2017 – pre-open from Chartprofit
See Tuesday’s comments. Tuesday’s Value Area was ovelapping/higher. Buyers in control – no markable response from the Sellers since ES found Support at 2265 twelve days ago. SPY closed at a new high.
As long as ES holds above 2265.00 (4mn poc) it is in a strong price location in the LT.
Dollar has moved to stronger price locations, see Supporting Charts 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 (now Support). This week chart has held this level.
Sentiment: My version of the Rydex Assets Ratio was higher at 9.33. Eight days ago on 2nd Feb the ratio reached 12.15, the highest since May 2015.
Stocks>50dyma numbers: Nyse 66% (from 67%), Nasdaq 60% (from 59%), R2000 56% (unch). Numbers >50 are supportive.
Supporting Charts
Bonds: TLT – the major poc is now at 119.00. TLT must hold this level to maintain a strong price location. It was tested on Tuesday but TLT closed above it.
Dollar Index: is now printing above the Resistance at 101.00, the 6month poc and is today probing the next level Resistance which is 101.52, the 1/2R off the Jnauary high. Price above this level would be very strong price location. Key Chart.
Gold: 115.69 is the 1/2R off last year’s low. GLD has been printing above that level for nine days now and last week reached 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 below that level on Tuesday.
GBPUSD: the 15mn poc has just migrated back to 1.2478. Chart currently prints below that level in a weak price location.
EURUSD: yesterday broke below 1.0597, the 7mn poc and is today printing below that level in a weak price location.
USDJPY: The 1/2R off the 2015 high comes in at 112.47. Chart is currently printing above that level and now above 113.61, the four month poc.
click graphic to enlarge
