emini analysis 15th March 2017 – pre-open from Chartprofit
Note: we are now following the June contract. The two month poc has migrated slightly to 2367. Tuesday’s Value Area was generated entirely below that poc. As long as ES holds this level it is in a strong price location. Significant Selling marked below 2367 would be a sign of weakness. Pre-open ES prints just above that level. Significant Buying marked above 2375 would indicate higher.
Sentiment: My version of the Rydex Assets Ratio was lower at 12.41. 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% (unch), Nasdaq 45% (from 47%), R2000 37% (from 38%). 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. Chart is in a weak price location and Gold bulls would want to see GLD recover that level.
Oil: USO – earlier this month spent four days printing below 11.44, the major poc and on Tuesday sharply to its lowest level since November.
GBPUSD: the 15mn poc is at 1.2478. Chart has been printing below that level for two weeks and printed a 39day low on Tuesday testing the Support at 1.2112, the 1/2R off the October low.
EURUSD: chart is currently printing just above 1.0597, the 7mn poc Support.
USDJPY: The 1/2R off the 2015 high comes in at 112.47. Chart is currently printing above that level.
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