emini analysis 24th January 2017 – pre-open from Chartprofit
There has been no significant Buying (green) or Selling (red) marked for thirteen days and this lack of directional commitment has resulted in overlapping Value Areas, see chart. If ES is printing above 2265.00 it is in a strong price location. Significant Selling marked below that point would be a negative. Thirty minutes pre-open today ES is printing at 2262. See breadth numbers below – Nasdaq and R2000 have dipped below 50%.
Resistance = 2265.00 (4 month poc)
Support = 2159.50 (6month poc)
Sentiment: My version of the Rydex Assets Ratio was lower at 9.56 (from 10.74). On 01/03 the ratio reached 11.83, the highest ratio since June 2015.
Stocks>50dyma numbers: Nyse 61% (from 64%), Nasdaq 49% (from 54%), R2000 48% (from 52%). Numbers >50 are supportive.
Supporting Charts
Bonds: TLT – two weeks ago the major poc migrated higher to 121.60. TLT closed below that level on Wednesday through Monday. TLT must print back above this level to maintain a strong price location.
Dollar Index: On 01/03 the index printed its highest level since April 2003. Off from there and printed a 32 day low on Monday.
Gold: 11/23 GLD broke below 115.69, the 1/2R off last year’s low which put the chart in a weak price location. This Resistance level was probed last week and GLD closed above it on Monday. Cash gold also stalled at 1210.38, its equivalent 1/2R Resistance, but is today printing above that level.
Oil: USO – since the start of December USO has been printing above 10.78, the maj poc. Chart must hold this Support to remain in a strong price location.
EURUSD: in early October chart broke below 1.1165, the 4yr poc, and has been in a weak price location since then. On 01/03 printed its lowest level since early 2003. Has printed a 33day high today.
click graphic to enlarge
