emini analysis 21st November 2017 – pre-open from Chartprofit
Last Thursday’s session found early Support at 2573.50, the 3mn poc. All three Value Areas since then have been generated above that Support. Price above that level is strong price location. Pre-open ES has printed above yesterday’s high. Significant Selling (red) has not been marked for 65 days. The Pulse Chart improved; SPY momentum turned back up and breadth turned back to positive.
First Level Support = 2573.50 (3mn poc)
Sentiment: My version of the Rydex Assets Ratio was almost unchanged at 13.51 having reached 18.34 on 10/31, the highest ratio in the database.
Stocks>50dyma numbers: Nyse 57% (from 56%), Nasdaq 54% (from 51%), R2000 58% (from 53%). Numbers >50 are supportive.
Bonds: TLT – chart recently tested (held) the 124.40 (10mn poc) Support. If it holds this level it is in a strong price location.
Dollar Index: strength in the dollar index will not be confirmed until it has printed some time above 95.50, the major poc Resistance. There was a sell-off last week and on Wednesday the index tested (held) the Support at 93.46, 8mn poc.
Gold: in early October GLD briefly tested the Major Support at 119.84. Has held since them. As long as chart holds above this level it is in a strong price location.
Oil: USO – As long as chart holds above 10.14, the major poc Support, it is in a strong price location in the LT. In the ST USO recently probed 11.60 (maj VAH) and sold off from there. Price acceptance at this higher level would be bullish. There is also the possibilty that the major poc could migrate higher – that will be monitored.
GBPUSD: currently printing at 1.3234 which is an important 1/2R. The 9mn poc is at 1.2925 and this is LT Support.
EURUSD: currently printing just below 1.1755, the 1year poc – the chart now needs to hold this level to remain in a strong price location.
USDJPY: 111.30 is the 2year poc – for two months the chart has been printing above that level which is now LT Support. The 1/2R off the December high is at 112.98 and the chart is printing below that level today.
click to enlarge graphic
