emini 18th June 2018 – pre-open from Chartprofit
A minor (14day) poc has emerged at 2772, and this may be a useful reference at the start of this week to gauge ST strength/weakness. Pre-open today ES prints below that level.
Friday’s session (like Thursday’s) generated a lower Value Area. There has been no Significant Selling (red) marked for 38 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 in control of the dayframe but, if I mark Significant Selling (red) below 2772 I would assume that 2718, the 12mn poc, would be tested. In the LT, as long as ES prints above that level, it is in a strong price location.
LT Support = 2718.00 (12mn poc)
Market Charts: All major Market Charts remained positive.
Stocks>50dyma numbers: Nyse 64%, Nasdaq 72%, R2000 75%. numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio ended the week at 23.4. There are only six ratios higher than this in the databse.
Bonds: TLT – Rallied strongly from mid May back above 121.00, the major poc, but sold off from there back below that level. This is now Resistance and came in to play on Friday with the high at 121.09. Previous week TLT tested, and has so far held, 118.50, the 6mn poc Support. A break above/below these levels could inidcate the next directional move.
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 – 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. The major poc is at 121.00 and this Support was briefly tested on Friday. Note that Cash Gold maj poc is at 1286.50 and Gold is printing below that level today in a weaker price location.
Oil: USO – 05/22 chart printed its highest level since November 2015 but fell sharply from there. Fell heavily on Friday. 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 has so far held the major poc Support at 1.3170.
EURUSD: last week broke 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.
