emini analysis 5th June 2017 – pre-open from Chartprofit
Last week Aggressive Buying (green-at-top) was marked on Thursday as ES (and SPY) recorded a new high. Breadth has improved, see below and Pulse Chart. As long as ES holds above 2413.00 it is in a strong location even on the minor timeframe.
Minor Support = 2413.00 (minor poc)
First Level LT Support = 2384 (5mn poc)
Second Level LT Support = 2353 (poc)
Sentiment: My version of the Rydex Assets Ratio ended the week at 11.9. On 1st March the ratio reached 14.02, the second highest ratio in the database.
Market Charts: NYSE neutral, Nasdaq positive, R2000 negative, UK positive.
Stocks>50dyma numbers: Nyse 59%, Nasdaq 64%, R2000 57%, UK 71%.
Numbers >50 are supportive.
Bonds: TLT – last twelve days have been printed back above 121.63, the 8mn poc, in a strong price location and closed on Friday at the highest level since November.
Dollar Index: rallied back from the March low to probe 101.00, the major poc, in early April. That probe into Resistance was rejected. Chart remains in a weak price location and on Friday printed its lowest level since November.
Gold: printed above 119.84, the maj poc, all last week. Strong price location.
Oil: USO – printing back below 10.28, the 4mn poc, in a weaker price location. Key chart.
GBPUSD: In the LT, as long as chart holds above 1.2478, the maj poc, it is in a strong price location.
EURUSD: last month the chart tested the Support at 1.0597, the 7mn poc, and held. Has rallied from there. On Friday printed its highest level since November.
USDJPY: early last month the Resistance at 113.61 (4mn poc) was tested, but that test was rejected. Chart is still in a weak price location.
click to enlarge graphic
