emini analysis 9th February 2017 – pre-open from Chartprofit
See yesterday’s highlighted comments. Wednesday’s session low came in at exactly 2281.00 (dashed line), the very minor 1/2R off the recent high. ES needs to hold this minor Support to maintain a strong price location in the ST. I have not marked Significant Buying or Selling for eight days – Buying (green) marked above 2281.00 would be a positive. As long as ES holds above 2265.00 (4mn poc) it is in a strong price location in the LT.
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 above 11577.00, its 3mn poc.
Sentiment: My version of the Rydex Assets Ratio was slightly lower at 10.17. Last Thursday’s ratio at 12.15 was the highest since May 2015.
Stocks>50dyma numbers: Nyse 54% (from 53%), Nasdaq 47% (from 50%), R2000 41% (from 44%). 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 until yesterday when it rallied strongly and closed above it. TLT must now hold this level to maintain a strong price location.
Dollar Index: has rallied 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 Wednesday 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 below that level on Wednesday in a weak price location.
GBPUSD: has today recovered back above 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 below that Support.
click graphic to enlarge
