emini analysis 23rd February 2017 – pre-open from Chartprofit
See yesterday’s, highlighted, comments. Intraday numbers indicate that Sellers were active on Wednesday but Ineffective in the longer timeframe (Value Area was “inside” Tuesday’s). Tuesday and Wednesday this week = Effective dayframe Buying followed by Ineffective dayframe Selling simiar to 02/15 and 02/16. Buyers are still in control of the dayframe. I am watching for the first sign that this may be changing.
Dayframe: The very minor (12day) poc migrated to 2360.00 and price relative to that level may be useful to monitor in the very short term. Could be intraday Support or Resistance today.
First Level LT Support = 2265.00 (4 month poc)
Key Charts: IWM has been printing above 136.70, the 2mn poc, for eight days. It’s important that the chart holds this level.
Sentiment: My version of the Rydex Assets Ratio was lower at 7.83. Market higher this week; ratio lower. On 2nd Feb the ratio reached 12.15, the highest since May 2015.
Stocks>50dyma numbers: Nyse 66% (from 68%), Nasdaq 60% (from 63%), R2000 57% (from 60%). 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 above 101.00, the 6month poc but has found Resistance this week and last at 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 fourteen days in a stronger price location. There is Resistance at 119.84, the major poc.
Oil: USO – the major poc is at 11.44 and is important to monitor. USO closed below that level on Wednesday. Futures indicate a higher open for USO today.
GBPUSD: the 15mn poc is at 1.2478. Chart currently prints just above that level.
EURUSD: currently printing below 1.0597, the 7mn poc in a weak price location.
USDJPY: The 1/2R off the 2015 high comes in at 112.47. Chart is currently printing just above that level.
click to enlarge graphic
