emini 12th July 2018 – pre-open from Chartprofit
Wednesday’s session generated a lower Value Area but found its session low at 2772, the minor poc, see Tuesday’s highlighted comments. First sign of ST weakness would be time printed below that level and price below 2718 would be the first sign of weakness in the longer term. Pre-open ES has printed above 2790 and I note that the 9mn VAH is at 2801. Price acceptance (time) at this level would be a positive.
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 58% (from 67%), Nasdaq 61% (from 66%), R2000 65% (from 71%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was sharply higher at 22.52 (from 16.32). This was on a down day for the market, that’s not usually a bullish pattern in the STThe 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 and has today probed that Resistance.
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 that level but was sharply lower on Wednesday.
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. Earlier in the week EURUSD probed that Resistance but did not print significant time above it and is currently 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. This week chart has broken back above 111.30, the 2year poc Resistance.
