emini analysis 17th May 2017 – pre-open from Chartprofit
Please read previous highlighted comments. Pre-open today ES is testing 2380, the one month VAL (dashed line). As I have said – price relative to that level is important to monitor. Price acceptance around that VAL would be a ST negative.
Sentiment: My version of the Rydex Assets Ratio was almost unchanged at 10.96. On 1st March the ratio reached 14.02, the second highest ratio in the database.
Stocks>50dyma numbers: Nyse 51% (from 52%) , Nasdaq 55% (unch), R2000 51% (unch). Numbers >50 are supportive.
Bonds: TLT – 121.63, the 8mn poc, is the key level. Futures indicate TLT will open above that level. Key Chart.
Dollar Index: rallied back from the March low to probe 101.00, the major poc, in early April. That probe into Resistance was rejected. Chart remains in a weak price location.
Gold: recently GLD broke below119.84, the maj poc, and also below 119.07, the 1/2R off last year’s high. Weak price location but cash indicates a strong open today for GLD.
Oil: USO – The 1/2R off 2016 low at 10.06 was recovered this wee. Bulls would want to see USO printing time above that level. Key chart.
GBPUSD: In the LT, as long as chart holds above above 1.2478, the maj poc, it is in a strong price location.
EURUSD: last month the chart tested the Support at 1.0597, the 7mn poc, and held. Chart is in a strong price location above that level.
USDJPY: last week tested the Resistance at 113.61, the 4mn poc, but that test looks to have been rejected.
click graphic to enlarge
