emini 15th June 2018 – pre-open from Chartprofit
Thursday’s session generated a lower Value Area. There has been no Significant Selling (red) marked for 36 days. With the Significant Buyers being active (green) over that period and the market moving higher (indicating Effective Buying) I assume the Buyers are still control of the dayframe. Pre-open today ES is printing close to the low of the week and it will be interesting to see if Buyers React at that level. In any event, as long as ES prints above 2718, the 12mn poc, it is in a strong LT price location.
LT Support = 2718.00 (12mn poc)
Stocks>50dyma numbers: Nyse 66% (unch), Nasdaq 73% (from 72%), R2000 75% (from 74%). numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was sharply higher at 22.65 (from 17.06). On 04/18, the ratio fell to 13.93, a 43 day low at the time.
Bonds: TLT – Rallied strongly from mid May back above 121.00, the major poc, but sold off from there back below that level. Last week TLT tested, and has so far held, 118.50, the 6mn poc Support.
Dollar Index: On a thirty minute basis the 6year poc is at 94.80. At the end of May this Resistance was probed and rejected. Price is again probing that level and time above it would indicate further strength.
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 fell 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. At the end of May the chart printed its lowest level since November but held the major poc Support at 1.3170.
EURUSD: has this week broken back below1.1755, the 1year poc. Weaker price location.
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.
