emini analysis 26th May 2017 – pre-open from Chartprofit
See yesterday’s highlighted comments. Along with SPY, ES reached a new all-time-high on Thursday. The first indication of weakness would be price printing time below 2398, the 11day poc. In the longer timeframe, here’s the Support:
First Level Support = 2384 (5mn poc)
Second Level Support = 2353 (poc)
Pulse Chart: Momentum (PriceOsc) remains positive and up. Breadth turned positive.
Sentiment: My version of the Rydex Assets Ratio rebounded stronly to 10.30. Wednesday’s ratio was 7.75, a 71 day low and as I wrote “this is a contrarian indicator so this is most likely a positive”. On 1st March the ratio reached 14.02, the second highest ratio in the database.
Stocks>50dyma numbers: Nyse 51% (unch), Nasdaq 50% (from 49%), R2000 45% (unch). Numbers >50 are supportive. The market was strong on Thursday but these numbers didn’t improve much. Hopefully they'[ll pick up if market pushes higher. Better to see a broad participation.
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 on Monday printed its lowest level since November.
Gold: recently GLD broke below119.84, the maj poc, and sold off but has recovered enough to probe that poc (Resistance) but not yet print time above it. Time above that level would put GLD back in a strong price location. Cash indicates a higher open for GLD today – likely above that Resistance.
Oil: USO – closed sharply lower, back below 10.28, the 4mn poc in a weak price location. 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. Printed a sixteen day low today.
EURUSD: last month the chart tested the Support at 1.0597, the 7mn poc, and held. Has rallied from there. On Tuesday printed its highest level since November.
USDJPY: last week the Resistance at 113.61 (4mn poc) was tested, but that test looks to have been rejected.
click to enlarge graphic