emini analysis 17th February 2017 – pre-open from Chartprofit
See previous comments. On Wednesday, Aggressive Buying (green-at-top) was marked for the third time in four days. Buyers active and Effective. No markable response from the Sellers since ES found Support at 2265 fourteen days ago. The very minor (7day) poc is at 2326.00 and price below that level would be the first indication of ST weakness.
First Level Support = 2265.00 (4 month poc)
Key Charts: Last Friday IWM closed above 136.70, the 2mn poc (now Support). This week chart has held that level.
Sentiment: My version of the Rydex Assets Ratio was higher at 10.4. Ten days ago on 2nd Feb the ratio reached 12.15, the highest since May 2015.
Stocks>50dyma numbers: Nyse 66% (from 67%), Nasdaq 61% (from 63%), R2000 58% (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. Futures indicate a higher open for TLT today.
Dollar Index: currently printing back below 101.00, the 6month poc. Key Chart and level.
Gold: 115.69 is the 1/2R off last year’s low. GLD has been printing above that level for eleven 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 just below that level on Thursday.
GBPUSD: this week the 15mn poc migrated back to 1.2478. Chart currently prints below that level.
EURUSD: 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 just above that level.
click graphic to enlarge
