emini analysis 6th January 2017 – pre-open from Chartprofit
The 3month poc at 2259 continued to attract time on Thursday and may continue to do so. Price relative to this level is important to monitor. Significant Buying marked above 2259 would be a positive as would Momentum (PriceOsc) on the SPY chart turning higher. This indicator although positive (trend up) is still falling – it has a strong tendency to return to the zero level once it has turned down from an elevated level and is close to reaching that, see Pulse Chart.
First Level Support= 2259.00 (3 month poc)
Second Level Support = 2159.50 (6month poc)
Sentiment: My version of the Rydex Assets Ratio was almost unchanged at 9.96, a twelve day low. Down from Tuesday’s 11.83 which was the highest ratio since June 2015.
Stocks>50dyma numbers: Nyse 83% (from 84%), Nasdaq 74% (unch), R2000 81% (from 85%). Numbers >50 are supportive.
Supporting Charts
see today’s video
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