emini 25th June 2018 – pre-open from Chartprofit
On Thursday and Friday ES generated Value Areas below 2772. Unless that minor poc migrates lower, Bulls would want to see price printing time back above it, see previous, highlighted comments. Pre-open ES has printed below 2740. There is LT Support at 2718, (12mn poc) and ES needs to hold that level to remain in a strong price location.
LT Support = 2718.00 (12mn poc)
Market Charts: Nyse, Nasdaq & R2000 Market Charts remained positive.
Stocks>50dyma numbers: Nyse 60%, Nasdaq 68%, R2000 73%. Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio ended the week at 21.95. The highest ratio in the database is 27.55 recorded on 01/30.
Bonds: TLT – 121.00 is the major poc Resistance and 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 currently the chart prints back below that level.
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 last week.
Oil: USO – 05/22 chart printed its highest level since November 2015. Fell sharply from there but held the Support at 12.79, the 12mn poc. On Friday the chart was sharply higher.
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. Last week Chart printed its lowest level since November, tested the major poc at 1.3170, but so far held that Support.
EURUSD: 06/14 chart broke back below1.1755, the 1year poc. Weaker price location. 7 day high printed today.
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.
