S&P 500 emini analysis pre-open 5th July 2016
emini S&P 500 made a strong recovery last week and finished on Friday printing above 2087.00, the major poc. Two hours pre-open today ES is printing exactly at that level. If price can print some time above this poc early this week it would be in a strong price location and indicate higher. Price below the poc would indicate a retest of 2041.
First Level Support/Resistance = 2087.00 (major poc)
Second Level Support = 2041.00 (poc of current distribution)
Key Charts (see Friday’s video):
FTSE100 Futures has stalled at the 6525 major poc. Price printing time above this level would indicate further strength. Has not done so yet.
GBPUSD: the minor poc on this chart is at 1.3286 and GBPUSD has today sold off below that level.
DAX Index: is today printing below 9660, its major poc, in a weak location.
All major Market Charts are positive.
Stocks>50dyma numbers: Nyse 57%, Nasdaq 51%, R2000 54%, UK 47%. Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio ended the week at 4.36 On 02/19 the ratio fell to 2.64 which was the lowest since November 2012. The highest since very early this year was reached on 04/26 at 5.27.
Supporting Charts:
Bonds: TLT closed at a new high on Friday and futures indicate a higher open today.
Dollar Index: currently printing below 96.21, the 1/2R off the December high. Price above that level would be strong price location. Price below 95.25, the two year poc, would be weak price location.
Gold: on Friday GLD closed at its highest level since July 2014.
Oil: USO – the 9mn poc migrated to 11.70 late last week. Friday closed just above this level but today futures suggest a lower open.
EURUSD: printing below 1.1313, the 4yr poc. Price below 1.11 would be a weak price location but currently chart is holding that level.
click graphic to enlarge
