emini 17th June pre-open analysis.
Once a week I review the important poc levels on a thirty minute basis. The major is at 2087 and the poc of the current distribution is at 2041. However the nine month is at 2050.5 which is very close to Thursday’s low on the March chart.
At current levels only Significant Buying (green) marked above 2087 could get me looking at the long side – Wednesday’s minor rally failed at this level.
First Level Resistance = 2087.00 (maj poc)
First Level Support = 2050.50
Second Level Support = 2041.00 (poc)
Please note: I have shown the June contract but I will be switching to the September contract. For now I want to show where the June contract is printing relative to important levels.
Key Chart: IWM is printing below 115.35, its major poc, in a weak price location.
Stocks>50dyma numbers: Nyse 47% (from 49%), Nasdaq 47% (from 49%), R2000 54% (from 56%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 5.08, a 30day high. SPX is lower this week with the ratio higher and as I wrote yesterday, this is not usually a bullish pattern in the ST. On 04/26 the ratio reached 5.27 which was the highest level since early January. On 02/19 the ratio fell to 2.64 which was the lowest since November 2012.
Supporting Charts:
see Today’s video
