emini analysis post close 1st February 2017 – from Chartprofit
On Wednesday ES opened above 2281.00 (the very minor 1/2R off last week’s high) and immediately sold off, see yesterday’s comments. In the ST it would be a positive to see ES printing time above this level, dashed line. The 4 month poc at 2265.00 has so far held this week’s sell-off. Time below that poc would put ES in a weak price location. Momentum (PriceOsc) on the SPY chart although still positive, turned down on Monday.
First Level Support = 2265.00 (4 month poc)
Second Level Support = 2159.50 (6month poc)
Supporting Charts
Bonds: TLT – two weeks ago the major poc migrated higher to 121.60. TLT has closed below that level for nine consecutive days days which is weak price location. TLT must print back above that poc to regain a strong position.
Dollar Index: On 01/03 the index printed its highest level since April 2003. Off from there. On Tuesday printed its lowest level since early December.
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. This Resistance was probed last week but not exceeded. Cash gold also stalled at 1210.38, its equivalent 1/2R Resistance. Price above these levels would put charts in a much stronger position.
Oil: USO – at the end of last week the major poc migrated higher from 10.78 to 11.44. Price relative to 11.44 is now important to monitor. USO closed just above that level on Wednesday.
EURUSD: in early October chart broke below 1.1165, the 4yr poc, and has been in a weak price location since then. On 01/03 printed its lowest level since early 2003. Has rallied more than 3% from there and on Tuesday printed its highest level since early December.
click graphic to enlarge
