emini analysis 7th February 2017 – pre-open from Chartprofit
See yesterday’s comments. ES is currently printing in a strong price location above 2281.00 (the very minor 1/2R off the recent high). ES needs to hold above that level to maintain a strong price location in the ST.
Momentum (PriceOsc) on the SPY chart is positive and turned back up on Friday.
First Level Support = 2265.00 (4 month poc)
Second Level Support = 2159.50 (6month poc)
Key Charts; IWM 136.70 is the 2mn poc Resistance and chart is having a problem printing above that level at the moment. Time above that level would be a positive.
DAX is currently printing below 11577.00, its 3mn poc.
Sentiment: My version of the Rydex Assets Ratio was lower at 10.40. Last Thursday’s ratio at 12.15 was the highest since May 2015.
Stocks>50dyma numbers: Nyse 57% (from 63%), Nasdaq 50% (from 55%), R2000 46% (from 53%). Numbers >50 are supportive.
Supporting Charts
Bonds: TLT – three weeks ago the major poc migrated higher to 121.60. TLT has closed below that level since that migration which is weak price location. TLT must print back above that poc to regain a strong position.
Dollar Index: is rallying a little off last week’s low. There is Resistance at the 6month poc at 101.00.
Gold: 115.69 is the 1/2R off last year’s low. GLD closed above that level on Friday and on Monday closed at its highest level since November 10th. Stronger price location.
Oil: USO – the major poc recently migrated higher from 10.78 to 11.44. Price relative to 11.44 is now important to monitor. USO closed just below that level onMonday.
GBPUSD: has today broken below the 1.2419 Support (10mn poc).
USDJPY: The 1/2R off the 2015 high comes in at 112.47 which has been Support this year. Chart is currently printing just below that Support.
click graphic to enlarge
