emini analysis 18th January 2017 – pre-open from Chartprofit
The four month poc has migrated slightly higher to 2265.00. Price relative to this level is important to monitor and could be Support or Resistance intraday today. If ES is printing above this level it is in a strong price location. Significant Selling marked below that point would be a negative.
First Level Support/Resistance = 2265.00 (4 month poc)
Second Level Support = 2159.50 (6month poc)
Momentum (PriceOsc): on the SPY chart has ticked back into positive territory last week but remains negative on the IWM chart.
Sentiment: Technical difficulty getting the RYdex data today. Will update as soon as possible.
Stocks>50dyma numbers: Nyse 70% (from 74%), Nasdaq 60% (from 68%), R2000 58% (from 69%). Numbers >50 are supportive.
Supporting Charts
Bonds: TLT – last week the major poc migrated higher to 121.60. TLT closed below that level on Friday but above it on Tuesday. TLT must hold above this level to maintain a strong price location. Note that Bond futures indicate a lower open today.
Dollar Index: On 01/03 the index printed its highest level since April 2003. On Tuesday printed a 28 day low.
Gold: 11/23 GLD broke below 115.69, the 1/2R off last year’s low which put the chart in a weak price location but on Tuesday closed at 115.85, just above that level. Cash gold is now printing just above 1210.38 which is its 1/2R Resistance off last year’s low. Both charts need to hold these levels to maintain a strong price location.
Oil: USO – since the start of December USO has been printing above 10.78, the maj poc. Chart must hold this Support to remain in a strong price location.
EURUSD: in early October chart broke below 1.1165, the 4yr poc, and has been in a weak price location since then. On 01/03 printed its lowest level since early 2003. On Tuesday printed a 28day high.
click graphic to enlarge
