emini analysis 27th February 2017 – pre-open from Chartprofit
See previous, highlighted, comments. Last week saw Tuesday open up from previous Friday and the rest of the week we saw overlapping Value Areas generated centred around 2360 which is now the 18day poc and first minor level of Support/Resistance. One hour pre-open today ES prints above that level.
Friday saw SPY rebound from weakness earlier in the day to close strong and close at the top end of the week’s range. That’s the fifth consecutive week that SPY has shown this indication of strength on the weekly timeframe – see Weekly Structure in the eBook.
First Level LT Support = 2265.00 (4 month poc)
Key Charts: IWM has been printing above 136.70, the 2mn poc, for ten days. It’s important that the chart holds this level.
Sentiment: My version of the Rydex Assets Ratio ended the week at 8.98. On 2nd Feb the ratio reached 12.15, the highest since May 2015.
Market Charts: All major market charts remined positive except R2000 which remained neutral.
Stocks>50dyma numbers: Nyse 62%, Nasdaq 57%,, R2000 54%, UK 71%. Numbers >50 are supportive.
Supporting Charts
Bonds: TLT – the major poc is at 119.00. Since early January the chart has been consolidating above that Support which must hold if TLT is to maintain a strong price location.
Dollar Index: has found Resistance this month at 101.52, the 1/2R off the Jan high. Price above that level would be stronger location. Currently holding above 101.00, the 6month poc. Key Chart.
Gold: in early February GLD broke back above 115.69, the 1/2R off last year’s low, and has since held above that level. On Friday chart probed the Resistance at 119.84, the major poc. Price printing time above that level would put chart in a strong location.
Oil: USO – the major poc is at 11.44 and is important to monitor. USO closed above that level on Friday. Futures indicate a higher open for USO today.
GBPUSD: the 15mn poc is at 1.2478. Chart currently prints below that level.
EURUSD: chart is printing below 1.0597, the 7mn poc.
USDJPY: The 1/2R off the 2015 high comes in at 112.47. Chart is currently printing below that level.
click graphic to enlarge
