emini analysis 21st February 2017 – pre-open from Chartprofit
See previous comments. Aggressive Buying (green-at-top) was marked twice last week. Intraday numbers indicate that when Buyers were active they were Effective; Sellers not so. We are looking for the first signs that this dynamic is changing. No markable Selling since ES found Support at 2265 fifteen days ago – current distribution indicates that 2360 may attract a response.
Dayframe: The very minor (10day) poc is now at 2341.00 and price printing time below that level would be the first indication of ST weakness.
First Level Support = 2265.00 (4 month poc)
Key Charts: IWM printed above 136.70, the 2mn poc for the whole of last week. Important that chart holds this level.
Sentiment: My version of the Rydex Assets Ratio ended the week at 7.53. Six days earlier on 2nd Feb the ratio reached 12.15, the highest since May 2015.
Market charts: Nyse, Nasdaq and UK remained positive. R2000 remained neutral.
Stocks>50dyma numbers: Nyse 63%, Nasdaq 63%, R2000 56% (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.
Dollar Index: currently printing back above 101.00, the 6month poc and is currently probing 101.52, the 1/2R off the Jan high.. Key Chart.
Gold: 115.69 is the 1/2R off last year’s low. GLD has been printing above that level for twelve days in a stronger price location. 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 Friday but futures today indicate a higher open for USO.
GBPUSD: the 15mn poc is at 1.2478. Chart currently prints below that level.
EURUSD: currently printing back below 1.0597, the 7mn poc in a weaker price location.
USDJPY: The 1/2R off the 2015 high comes in at 112.47. Chart is currently printing just above that level.
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