emini 1st June 2018 – pre-open from Chartprofit
Following the positive day on Wednesday, see previous comments, Thursday’s session was disappointing for Bulls, generating a lower Value Area and testing (briefly) the low of Wednesday’s Aggressive Buying day which happens rarely on the following day. Overnight ES rallied back enough to probe 2718, the 12mn poc, but ES needs to print time above that level to get back into a strong price location.
Support/Resistance today = 2718.00 (12mn poc)
Stocks>50dyma numbers: Nyse 57% (from 64%), Nasdaq 66% (from 69%), R2000 68% (from 73%). numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 22.14. Tuesday’s ratio at 24.0 was the highest since 02/02 and only six ratios higher than this in the database.
Bonds: TLT – has rallied very strongly over the last five days and has closed each day this week back above 121.00, the major poc. Needs to hold this level to remain in a strong price location.
Dollar Index: on Tuesday printed its highest level since December but is lower from there.
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 last week at 1286.50 its major poc. Cash below that level would be a weaker price location.
Oil: USO – early last week chart printed its highest level since November 2015 but has fallen sharply from there. Closed on Tuesday at a 29day low.
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 and at the end of last month the Support trendline off the 2016 low was broken. On Tuesday printed its lowest level since November.
EURUSD: Last week EURUSD broke below 1.1755, the 1year poc (now Resistance) and on Tuesday printed its lowest level since July.
USDJPY: The 6mn poc for this chart migrated to 107 six weeks ago and the chart has been printing up from that level. Early last week there was a rejected probe into 111.30, the 2year poc Resistance and the chart is lower from there.
