emini analysis 3rd April 2017 – pre-open from Chartprofit
Our S/R levels capped both the upside and downside of Friday’s session. The Resistance at 2367 stalled the rally last week and the minor Support at 2357.50 held the low of Friday’s range. One hour pre-open ES prints close to that Support (dashed line).
Resistance = 2367.00 (2month poc)
First Level Minor Support = 2357.50 (minor 1/2R off this month’s high)
Second Level Minor Support = 2340.5 (15day poc)
Key Chart: IWM – Chart closed the week above 135.00, the 2mn poc.
Sentiment: My version of the Rydex Assets Ratio finished the week at 9.20. On 1st March the ratio reached 14.02, the second highest ratio in the database.
Market Charts: Nyse and R2000 remained negative; Nasdaq turned neutral (from negative); UK turned neutral (from positive).
Stocks>50dyma numbers: Nyse 53%, Nasdaq 51%, R2000 51%, UK 66%. Numbers >50 are supportive.
Bonds: TLT – The 8mn poc migrated to 121.63 last week and TLT ended the week below this level, which is the controlling price of the current distribution. Price above that point would be a stronger price location. Chart is printing above 119.00, the major poc, which is the important Support to monitor. Key Chart.
Dollar Index: rallied last week but is still printing below 101.00, the major poc, in a weak price location.
Gold: chart has rallied back to 119.84, the maj poc, and found Resistance there in February and again in March. Price printing time above this level would be strong location.
Oil: USO – rallied last week but is printing below 11.44, the major poc in a LT 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: last week the chart found Support at 1.2375, the 1/2R off Dec high. Currently printing very close to 1.2478, the maj poc.
EURUSD: was lower last week but is still holding above 1.0597, the 7mn poc, in a strong price location.
USDJPY: rallied a little last week but is still printing below 113.61, the 4mn poc, in a weak price location.
click to enlarge graphic
