emini analysis 3rd February 2017 – pre-open from Chartprofit
On Wednesday ES opened above 2281.00 (the very minor 1/2R off last week’s high) and immediately sold off, see yesterday’s comments. In the ST it would be a positive to see ES printing time above this level, dashed line. Pre-open, and following the release of jobs data, ES is printing above that level.The 4 month poc at 2265.00 has so far held this week’s sell-off. Time below that poc would put ES in a weak price location. Momentum (PriceOsc) on the SPY chart although still positive, turned down on Monday. Also see Sentiment, below.
First Level Support = 2265.00 (4 month poc)
Second Level Support = 2159.50 (6month poc)
Sentiment: My version of the Rydex Assets Ratio was higher at 12.15 which is the highest since May 2015.
Stocks>50dyma numbers: Nyse 55% (from 54%), Nasdaq 48% (from 50%), R2000 44% (from 45%). Numbers >50 are supportive.
Supporting Charts
Bonds: TLT – two weeks ago the major poc migrated higher to 121.60. TLT has closed below that level for twelve consecutive days days which is weak price location. TLT must print back above that poc to regain a strong position.
Dollar Index: On 01/03 the index printed its highest level since April 2003. Off from there. On Thursday printed its lowest level since mid November.
Gold: 11/23 GLD broke below 115.69, the 1/2R off last year’s low which put the chart in a weak price location. This Resistance was probed last week and yesterday GLD closed above it. Cash gold is currently printing above 1210.38, its equivalent 1/2R Resistance. Price printing time above these levels would put charts in a much stronger position.
Oil: USO – at the end of last week the major poc migrated higher from 10.78 to 11.44. Price relative to 11.44 is now important to monitor. USO closed above that level on Thurssday.
EURUSD: in early October chart broke below 1.1165, the 4yr poc, and has been in a weak price location since then. On 01/03 printed its lowest level since early 2003. Has rallied more than 3% from there and on Thursday printed its highest level since early December.
click graphic to enlarge
