emini 14th June 2018 – pre-open from Chartprofit
The intraday numbers for Tuesday and Wednesday have been negative indicating net Selling activity on both days and yet the Value Areas have been overlapping rather than lower. This suggests that the Selling activity has been ineffective on the minor timeframe and is probably an indication of Buyers Resting after the recent rally. Even so there is the VAH at 2805 and that “may” stall the rally, see Monday’s highlighted comments. In any event as long as ES prints above 2718, the 12mn poc, it is ina strong LT price location. There has been no Significant Selling (red) marked for 34 days.
LT Support = 2718.00 (12mn poc)
Stocks>50dyma numbers: Nyse 66% (from 70%), Nasdaq 72% (from 74%), R2000 74% (from 76%). numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was almost unchanged at 17.06. On 04/18, the ratio fell to 13.93, a 43 day low at the time.
Bonds: TLT – very volatile currently. Rallied strongly from mid May back above 121.00, the major poc, but sold off from there back below that level. Last week TLT tested, and so far held, 118.50, the 6mn poc Support.
Dollar Index: As explained in Friday’s video, on a thirty minute basis the 6year poc is at 94.80. At the end of May this Resistance was probed and rejected. Price above this level would be a stronger price location.
Gold: GLD – on 05/11 there was a rejected probe into 125.23, the 4mn poc, and chart fell sharply from there. Note that Cash Gold found Support in May at 1286.50, its major poc. Cash below that level would be a weaker price location.
Oil: USO – 05/22 chart printed its highest level since November 2015 but fell sharply from there. Support at 12.79, the 12mn poc.
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. At the end of May the chart printed its lowest level since November but held the major poc Support at 1.3170.
EURUSD: is today printing back below1.1755, the 1year poc in a 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.
