emini 16th July 2018 – pre-open from Chartprofit
Aggressive Buying (green) was marked twice last week. Friday closed near the high for the week and generated a higher, narrower, Value Area. Note that 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. Overnight ES has been printing above 2801, the 9mn VAH, see Thursday’s highlighted comments. Price below 2718 would be the first sign of weakness in the longer term.
LT Support = 2718.00 (12mn poc)
Market Charts: All major Market Charts remained positive.
Stocks>50dyma numbers: Nyse 60%, Nasdaq 60%, R2000 61%. Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio ended the week at 21.97. 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 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 back below 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 last week 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 held that Support in June.
EURUSD: 06/14 chart broke back below 1.1755, the 1year poc. Last week EURUSD probed that Resistance but did not print significant time above it and is currently printing back below it.
USDJPY: Last week the chart broken back above 111.30, the 2year poc Resistance.
