emini 21st June 2018 – pre-open from Chartprofit
Wednesday’s session generated a higher Value. Area. In Tuesday’s pre-open I wrote “In the ST, Bulls would want to see a recovery back above 2772” – that’s what we’ve seen so far but ES needs to hold this level now. In the LT ES needs to hold 2718, (12mn poc) to remain in a strong price location.
LT Support = 2718.00 (12mn poc)
Stocks>50dyma numbers: Nyse 62% (from 64%), Nasdaq 73% (unchanged), R2000 77% (from 76%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was almost unchanged at 21.87.
Bonds: TLT – 121.00 is the major poc Resistance and came in to play this week with TLT down from that level on Wednesday. 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 and this week the chart has been printing above that level in a stronger price location.
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 broken on Wednesday.
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. This week Chart has printed its lowest level since November and has tested (but 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.
