emini 18th July 2018 – pre-open from Chartprofit
Aggressive Buying (green) was marked twice last week and note that last Wednesday’s session found Support at 2772, the minor poc, and this is First Level ST Support. First sign of ST weakness would be time printed below that level. ES stalled at the 9mn VAH (2801), see last Thursday’s highlighted comments, but there was no fast rejection from this price level and Tuesday’s Value Area was printed entirely above it. I haven’t marked Significant Selling since April. Pulse Chart has improved. Price below 2718 would be the first sign of weakness in the longer term.
LT Support = 2718.00 (12mn poc)
Stocks>50dyma numbers: Nyse 57% (from 56%), Nasdaq 58% (from 57%), R2000 59% (unch). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was unchanged at 23.13. 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 in June and has so far held above that poc in a strong price location.
Dollar Index: On a thirty minute basis the 6year poc is at 94.80. The chart is currently 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 06/19.
Oil: USO – volatile recently but as long as chart holds above 12.79, the 12mn Support it is in a LT strong price location.
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 broke below that Support on Tuesday. Weak price location.
EURUSD: 06/14 chart broke back below 1.1755, the 1year poc. Last week there was a rejected probe into that Resistance. Weak price location.
USDJPY: Last week the chart broke back above 111.30, the 2year poc Resistance.
