emini 10th July 2018 – pre-open from Chartprofit
In the LT analysis ES recently tested below 2718, the major poc, and rallied. In the ST: yesterday’s low came in at 2772, the minor poc, with Aggressive Buying (green) being marked, see previous, highlighted comments. As I wrote yesterday “Since Aggressive Buying was marked 50 days ago the Sellers have had plenty of time to auction the market lower and they haven’t effectively achieved that” – with the Buyers now active again it would be fair to assume that yesterday’s low at 2772 (min poc) should hold if this is “Effective” Buying. In any event, price below 2718 would now be the first sign of weakness in the longer term.
On the Pulse Chart breadth has improved and daily price momentum (although still negative) has ticked up.
LT Support = 2718.00 (12mn poc)
Stocks>50dyma numbers: Nyse 68% (from 61%), Nasdaq 68% (from 65%), R2000 75% (from 71%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was almost unchanged at 17.46. The highest ratio in the database is 27.55 recorded on 01/30.
Bonds: TLT – 121.00 is the major poc. 06/27 TLT broke above that level and needs to hold above that poc to remain in a strong price location.
Dollar Index: On a thirty minute basis the 6year poc is at 94.80. The chart is currently printing back below that level in a weaker 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 06/19.
Oil: USO – recently broke above the May high and has held.
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 is at 1.3170 and GBPUSD has held that Support.
EURUSD: 06/14 chart broke back below 1.1755, the 1year poc. Yesterday, EURUSD probed that Resistance but has not printed significant time above it and is today printing back below it.
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, and that level is again being probed today.
