emini analysis 22nd May 2017 – pre-open from Chartprofit
Last week the 4mn poc migrated to 2353, see Friday’s highlighted comments. Time printed below this would be an indication of weakness – Significant Buying (green) marked above 2353 would be the first sign of strength.
Daily breadth on the Pulse Chart is still negative and momentum (PriceOsc) although positive, is still heading lower. Bulls would want to see both improve.
First Level Support = 2353 (4mn poc)
Second Level Support = 2265 (10mn poc)
Sentiment: My version of the Rydex Assets Ratio ended the week at 11.29. On 1st March the ratio reached 14.02, the second highest ratio in the database.
Market Charts: All three US Market Charts remained negative. UK turned positive.
Stocks>50dyma numbers: Nyse 47%, Nasdaq 44%, R2000 39%. Numbers >50 are supportive.
Bonds: TLT – now printing back above 121.63, the 8mn poc, in a strong price location.
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 and has today printed its lowest level since November.
Gold: recently GLD broke below119.84, the maj poc, and sold off but recovered to probe that poc (Resistance) last week. Time above that level would put GLD back in a strong price location.
Oil: USO – The 4mn poc is at 10.28. Chart found Resistance there every day last week until Friday when it closed strongly above it. Stronger price location. Resistance is at the major poc at 11.44. 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. Last week printed its highest level since October.
EURUSD: last month the chart tested the Support at 1.0597, the 7mn poc, and held. Has rallied from there. Has today printed its highest level since November.
USDJPY: last week tested the Resistance at 113.61, the 4mn poc, but that test looks to have been rejected.
click to enlarge graphic
