emini 28th June 2018 – from Chartprofit
On Thursday and Friday ES generated Value Areas below 2772, see previous comments. On Monday there was a sell-off to test the 2718 Support and again on Wednesday. At the open today ES was printing below that important level in a weak position. Price printing time, e.g. a Value Area entirely below 2718 would be a negative in the longer timeframe. Breadth numbers have deteriorated, see below
LT Support = 2718.00 (12mn poc)
Stocks>50dyma numbers: Nyse 49% (from 56%), Nasdaq 49% (from 62%), R2000 57% (from 70%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was slightly lower at 22.44. The highest ratio in the database is 27.55 recorded on 01/30.
Bonds: TLT – 121.00 is the major poc and TLT was sharply higher on Wednesday to print above that level.
Dollar Index: On a thirty minute basis the 6year poc is at 94.80 and currently the chart is printing above 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. On Wednesday that high was exceeded.
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. The major poc Support at 1.3170 has been broken this week.
EURUSD: 06/14 chart 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.
