emini analysis 3rd March 2017 – pre-open from Chartprofit
See previous comments. Sellers were active during Thursday’s session and a lower Value Area was generated. By strictly applying my rules Aggressive Selling (red-at-bottom) was marked. This is the first indication that control of the dayframe “may” be shifting to the Sellers. Even if it is, in the longer timeframe this is Reactive Selling as it is marked above the 2360 minor poc. Significant Selling marked below that level would be the first indication of weakness in the LT. Key Chart IWM has been printing above 136.70, the 2mn poc, for three weeks and printed a new high on Wednesday.
Sentiment: My version of the Rydex Assets was lower at 12.76. Down from Wednesday’s ratio at Ratio 14.02 which was the second highest in the database. There was a large reduction (20%) in Bear fund assets that I follow which sent the ratio to this extreme level. This is a contrarian indicator.
Stocks>50dyma numbers: Nyse 60% (from 66%), Nasdaq 54% (from 60%), R2000 51% (from 59%). Numbers >50 are supportive.
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. However, chart tested below the poc on Thursday but closed at that level. KEY chart.
Dollar Index: found Resistance twice in February at 101.52, the 1/2R off the Jan high but has broken above that level this week.
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. Earlier this week the chart briefly probed above the Resistance at 119.84, the major poc, but has so far been rejected from that level.
Oil: USO – the major poc is at 11.44 and is important to monitor. USO closed below that level on Thursday in a weaker price location.
GBPUSD: the 15mn poc is at 1.2478. Chart broke below that level earlier in the week and has today printed a 33 day low.
EURUSD: chart is printing below 1.0597, the 7mn poc, in a weak price location.
USDJPY: The 1/2R off the 2015 high comes in at 112.47. Chart is currently printing above that level in a stronger price location.
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