emini analysis 21st March 2017 – pre-open from Chartprofit
Monday generated a third Value Area inside the range of last Wednesday’s session. The First Level Support at 2367 was tested but held. As long as ES holds above 2367 it is in a strong price location. Thirty minutes pre-open ES prints above that level.
First Level Support = 2367.00 (2month poc)
Key Chart IWM closed above 136.70, its 2mn poc. Bulls would want to see this level hold.
Sentiment: My version of the Rydex Assets Ratio was higher at 10.72. Down from 14.02 recorded 1st March which was the second highest ratio in the database.
Stocks>50dyma numbers: Nyse 53% (from 57%), Nasdaq 52% (from 55%), R2000 46% (from 52%). Numbers >50 are supportive.
Supporting Charts
Bonds: TLT – the major poc is at 119.00. Two weeks ago broke back below that level but closed just above it on Monday. Key Chart.
Dollar Index: fell heavily on Wednesday last week and is now printing back below 101.00, the 6mn poc, in a weaker price location. Has printed a 31day low today.
Gold: last Wednesday chart rallied back above 115.69, the 1/2R off last year’s low which is stronger price location and has held that level.
Oil: USO – earlier this month spent four days printing below 11.44, the major poc and then fell sharply to its lowest level since November. Weak price location. Key chart. Oil may be a problem for equities.
GBPUSD: the 15mn poc is at 1.2478. Chart has been printing below that level for three weeks but has almost rallied back to that Resistance today.
EURUSD: chart is currently printing above 1.0597, the 7mn poc Support and has today printed a 33day high.
USDJPY: The 1/2R off the 2015 high comes in at 112.47. Chart is currently printing just above that Support.
click to enlarge graphic
