emini analysis 7th April 2017 – pre-open from Chartprofit
See yesterday’s comments. The three month poc migrated to 2360 on Wednesday. This was Resistance during Thursday’s session (see chart) and is the important level to monitor. Price printing time above this level would be a positive. During Thursday’s session price spent most time at 2354. With regard to the distribution that began in February I would not want to see too much time spent at this level – if the 3mn poc migrated to 2354 it would likely be a negative development.
Resistance = 2360.00 (3month poc)
Key Chart: IWM – Chart closed above 135.00, the 2mn poc.
Sentiment: My version of the Rydex Assets Ratio was higher at 10.77. On 1st March the ratio reached 14.02, the second highest ratio in the database.
Stocks>50dyma numbers: Nyse 49% (from 44%), Nasdaq 44% (from 39%), R2000 41% (from 35%). Numbers >50 are supportive.
Bonds: TLT – The 8mn poc migrated to 121.63 last week and TLT has stalled at that level this week. This is the controlling price of the current distribution. Price printing time 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: has rallied back from the March low 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. Found Resistance there in February, again in March and currently as well. Price printing time above this level would be strong location.
Oil: USO – The Support at 10.06 (1/2R off 2016 low) was reached mid-March and held. USO rallied last week and this and has probed 10.84, the 1/2R Resistance off last year’s high. In the LT if chart is printing below 11.44, the major poc it is in a weak price location. Futures indicate a higher open for USO. Key chart.
GBPUSD: last week the chart found Support at 1.2375, the 1/2R off Dec high. Currently printing below 1.2478, the maj poc. Price printing time above this level would be stronger location.
EURUSD: lower recently but still holding above 1.0597, the 7mn poc, in a strong price location.
USDJPY: printing below 113.61, the 4mn poc, in a weak price location.
click to enlarge graphic
