emini 24th May 2018 – pre-open from Chartprofit
The last eleven Value Areas have been generated above 2672, the 12mn poc, and as long as ES holds above that level it is in a strong LT price location. On Wednesday ES recovered back above 2724, the minor poc and pre-open today is printing just above that level. On 05/03 the 7mn Value Area Low at 2595 was tested and I note that the 7mn Value Area High is now at 2745. This could stall the current rally, but price acceptance at that level would be a positive.
Minor Support = 2724 (minor poc)
First Level LT Support = 2672 (12mn poc)
Second Level LT Support = 2647 (4mn poc)
Stocks>50dyma numbers: Nyse 63% (from 62%), Nasdaq 67% (from 66%), R2000 70% (from 67%). numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was almost unchanged at 21.64. On 04/18, the ratio fell to 13.93, a 43 day low.
Bonds: TLT – is printing below 121.00, the major poc, in a weak LT price location. Last week fell to its lowest level since July 2015 but has rallied back. There is now Resistance at 118.50, the 6mn poc.
Dollar Index: On Wednesday reached its highest level since December.
Gold – GLD closed below 125.23, the 4mn poc, at the start of last week and fell sharply. Has not recovered from that level.
Oil: USO – On Tuesday printed its highest level since November 2015. First sign of weakness would be time printed below 12.79, the 12mn poc.
GBPUSD: in mid April the major Value Area High at 1.4212 was probed for the second time this year and was rejected again. The Support at 1.3965 (6mn poc) was then broken and at the end of last month the Support trendline off the 2016 low was broken. On Wednesday printed its lowest level since January.
EURUSD: On Wednesday EURUSD broke below 1.1755, the 1year poc Support and printed its lowest level since November.
USDJPY: The 6mn poc for this chart migrated to 107 five weeks ago and the chart has been printing up from that level. On Monday there was a rejected into 111.30, the 2year poc Resistance and the chart is lower from there.
