emini 8th June 2018 – pre-open from Chartprofit
Thursday’s session generated a fifth Value Area entirely above 2718, the 12mn poc. ES needs to hold above this level to maintain a strong price location.
Support = 2718.00 (12mn poc)
Stocks>50dyma numbers: Nyse 68% (from 64%), Nasdaq 73% (from 74%), R2000 76% (from 78%). numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 19.69. On 01/30 the ratio reached 27.55, the highest in the database. On 04/18, the ratio fell to 13.93, a 43 day low.
Bonds: TLT – very volatile currently. Rallied strongly from mid May back above 121.00, the major poc, but sold off at the end of last week. This week has tested, and so far held, 118.50, the 6mn poc Support.
Dollar Index: last week printed its highest level since December but has retraced this week.
Gold: GLD – on 05/11 there was a rejected probe into 125.23, the 4mn poc, and chart fell sharply from there. Note that Cash Gold found Support in May at 1286.50, its major poc. Cash below that level would be a weaker price location.
Oil: USO – 05/22 chart printed its highest level since November 2015 but has fallen sharply from there. Support at 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 April. Last week chart printed its lowest level since November but held the major poc Support at 1.3170. Has rallied a little from there.
EURUSD: is currently attempting to print time back above 1.1755, the 1year poc.
USDJPY: The 6mn poc for this chart migrated to 107 in April and the chart has been printing up from that level. 05/21 there was a rejected probe into 111.30, the 2year poc Resistance.
