emini analysis 31st March 2017 – pre-open from Chartprofit
Intraday Buyers were active again during Thursday’s session and a higher Value Area was generated. The Resistance at 2367 was probed but not exceeded, see chart, and price printing time above this level would be a positive. There is minor Support today at 2357.50 (dashed line), the minor 1/2R off this month’s high, and overnight this level was tested briefly and held.
Support/Resistance = 2367.00 (2month poc)
Minor Support = 2357.50 (minor 1/2R off this month’s high)
Key Chart: IWM – Chart closed above 135.00, the 2mn poc.
Sentiment: My version of the Rydex Assets Ratio is at 11.8. On 1st March the ratio reached 14.02, the second highest ratio in the database.
Stocks>50dyma numbers: Nyse 52% (from 47%), Nasdaq 51% (from 45%), R2000 48% (from 41%).. Numbers >50 are supportive.
Supporting Charts
Bonds: TLT – the major poc is at 119.00 and chart broke back above it last week to print in a strong price location. Key Chart.
Dollar Index: on Monday chart printed its lowest level since November. Has rallied from there.
Gold: chart has rallied back to the maj poc Resistance at 119.84 and stalled. Price printing time above this level would be strong price location.
Oil: USO – earlier this month spent four days printing below 11.44, the major poc and then fell sharply to its lowest level since November. Weak price location. Key chart. The Support at 10.06 (1/2R off 2016 low) was reached last week and held. Time printed below that level would further weaken the price location and likely be a problem for equities as well.
GBPUSD: on Monday chart printed its highest level since early February. Retraced from there but found Support at 1.2375, the 1/2R off Dec high. Currently printing very close to 1.2478, the maj poc.
EURUSD: on Monday chart printed its highest level since November but has weakened from there.
USDJPY: on Monday chart printed its lowest level since November.
click graphic to enlarge
