emini analysis post close 12th December 2016
Note we are now following the ES March contract. See previous, highlighted, comments. ES found Support early last week at 2200, the 5week poc, see chart, and held that strong price location with all Value Areas since then printed above that level with Aggressive Buying (green-at-top) marked thre times. Technically the market is overbought with 14day RSI on Friday reaching 76.9 for SPY and 78.8 for IWM but as long as chart holds above 2200 it is in a strong price location.
First Level Support = 2200 (minor poc)
Second Level Support = 2159.50 (6month poc)
Supporting Charts
Bonds: TLT – chart printed its lowest level today since July 2015. The major poc Support at 117.15 was tested but TLT closed back above this level.
Dollar Index: 11/24 chart reached its highest level since April 2003. Is currently printing just 1% below that level.
Gold: 11/23 GLD broke below 115.69, the 1/2R off last year’s low which put the chart in a weak price location. Chart closed on Friday at its lowest level since early February.
Oil: USO – since start of December chart has been printing above 10.78, the maj poc in a strong price location and today printed its highest level since late June.
EURUSD: in early October chart broke below 1.1165, the 4yr poc, and has been in a weak price location since then.
click graphic to enlarge
