emini analysis 17th March 2017 – pre-open from Chartprofit
Thursday generated a Value Area inside the range of the previous session. Wednesday’s green-at-top has been tested – they usually are 80% of the time within a day, or two. The minor Support at 2375 (minor poc) was tested but held – that minor poc is now at 2378.50. Price relative to that level today could give a clue re intraday strength/weakness. Thirty minutes pre-open ES prints very close to that level. Breadth numbers improved again, see below and Pulse Chart.
First Level Support = 2367.00 (2month poc)
Key Chart IWM is now printing back above 136.70, its 2mn poc, in a stronger price location.
Sentiment: My version of the Rydex Assets Ratio was lower at 10.26, a twelve day low. 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 56% (from 54%), Nasdaq 52% (from 49%), R2000 47% (from 43%). 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. Printed a new low for this decline on Monday but rallied back on Wednesday. Price back above 119 would be a positive.
Dollar Index: fell heavily on Wednesday and is now printing back below 101.00, the 6mn poc, in a weaker price location.
Gold: on Wednesday chart rallied back above 115.69, the 1/2R off last year’s low which is stronger price location and held that level on Thursday.
Oil: USO – earlier this month spent four days printing below 11.44, the major poc and on Tuesday fell sharply to its lowest level since November. Weak location.
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, tested and held the Support at 1.2112, the 1/2R off the October low, and has rallied from there.
EURUSD: chart is currently printing above 1.0597, the 7mn poc Support.
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
