emini analysis 2nd May 2017 – pre-open from Chartprofit
The one month poc migrated to 2385. Price relative to this level could be monitored at as a guide to ST strength/weakness. One hour pre-open ES prints close to that level Breadth numbers improved last week and are now Supportive. Momentum (PriceOsc) on the SPY chart is positive. In the LT as long as ES holds above 2353 it is in a strong price location.
Sentiment: My version of the Rydex Assets Ratio was higher at 12.71. On 1st March the ratio reached 14.02, the second highest ratio in the database.
Stocks>50dyma numbers: Nyse 55% (from 56%), Nasdaq 59% (from 58%), R2000 62% (from 60%). Numbers >50 are supportive.
Bonds: TLT – on Monday TLT closed below 121.63, the 8mn poc, which puts it in a weaker price location. Key Chart.
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.
Gold: in April GLD broke above 119.84, the maj poc, and held that level until Monday when it closed just below that price. The 1/2R off last year’s high comes in just below that level at 119.07. Bulls would to see this area of price providing Support.
Oil: USO – The Support at 10.06 (1/2R off 2016 low) was reached mid-March and held. USO rallied from there but has re-tested that level this week. In the LT if the chart is printing below the major poc at 11.44 it is 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 six month high on Friday.
EURUSD: earlier in the month chart tested the Support at 1.0597, the 7mn poc, and held. Chart is in a strong price location above that level and last week rallied to its highest level since November.
USDJPY: has been printing below 113.61, the 4mn poc, in a weak price location since early March.
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