emini analysis 24th February 2017 – pre-open from Chartprofit
See previous, highlighted, comments. Wednesday’s intraday numbers were mixed: indications based on price (Pr) showed intraday Sellers were active and those based on Tick (Tk) showed Buying. I am looking for the first session of “Effective” intraday Selling which would suggest control of the dayframe may be changing. Note that charts are currently looking weaker for USD
Dayframe: The minor (now 17day) poc is at 2360.00. This is the first minor level of Support/Resistance. Pre-open ES prints below that level.
First Level LT Support = 2265.00 (4 month poc)
Key Charts: IWM has been printing above 136.70, the 2mn poc, for nine days. It’s important that the chart holds this level. If chart closes weak today, weekly bar could look like a reversal bar.
Sentiment: My version of the Rydex Assets Ratio was almost unchanged at 7.85. On 2nd Feb the ratio reached 12.15, the highest since May 2015.
Stocks>50dyma numbers: Nyse 63% (from 66%), Nasdaq 57% (from 60%), R2000 54% (from 57%). 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. Futures indicate a higher open for TLT today.
Dollar Index: found Resistance this week and last at 101.52, the 1/2R off the Jan high, and is currently printing below 101.00, the 6month poc. Key Chart.
Gold: 115.69 is the 1/2R off last year’s low. GLD has been printing above that level for fifteen days in a stronger price location. There is Resistance at 119.84, the major poc. Price printing time above that level would put chart in a strong location. Cash indicates a higher open for GLD today.
Oil: USO – the major poc is at 11.44 and is important to monitor. USO closed above that level on Thursday. Futures indicate a higher open for USO today.
GBPUSD: the 15mn poc is at 1.2478. Chart currently prints above that level.
EURUSD: currently printing above 1.0597, the 7mn poc in a stronger price location.
USDJPY: The 1/2R off the 2015 high comes in at 112.47. Chart is currently printing below that level.
click to enlarge graphic
