emini 19th June 2018 – pre-open from Chartprofit
See yesterday’s highlighted comments. ES opened below 2772, the minor poc, on Monday but recovered. However, overnight there was a sell-off and ES printed below 2740. In the ST, Bulls would want to see a recovery back above 2772 (unless that minor poc migrates lower). In the LT if a test of 2718, (12mn poc) should occur, Bulls would want to see that Support hold – price printing time below that level would be a negative.
LT Support = 2718.00 (12mn poc)
Stocks>50dyma numbers: Nyse 64% (unchanged), Nasdaq 73% (from 72%), R2000 76% (from 75%). numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was unchanged at 23.4. There are only six ratios higher than this in the databse.
Bonds: TLT – Rallied strongly from mid May back above 121.00, the major poc, but sold off from there back below that level. This is now Resistance and came in to play on Friday with the high at 121.09. Previous week TLT tested, and has so far held, 118.50, the 6mn poc Support. A break above/below these levels could inidcate the next directional move.
Dollar Index: On a thirty minute basis the 6year poc is at 94.80 and the chart is today printing above that level.Time above it would indicate further strength.
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 briefly tested on Friday. Note that Cash Gold maj poc is at 1286.50 and Gold is printing below that level today in a weaker price location.
Oil: USO – 05/22 chart printed its highest level since November 2015 but fell sharply from there. Fell heavily on Friday. 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. Chart has today printed its lowest level since November and has tested the major poc Support at 1.3170.
EURUSD: last week broke back below1.1755, the 1year poc. 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.
