emini 21st May 2018 – pre-open from Chartprofit
I have marked Aggressive Buying (green-at-top) five times in the last eleven days and the market is higher indicating this is Effective Buying in the dayframe. The last eight Value Areas have been generated above 2672, the 12mn poc, and as long as ES holds above that level it is in a strong price location. On 05/03 the 7mn Value Area Low at 2595 was tested and I note that the 7mn Value Area High is at 2746. This could stall the current rally, but price acceptance at that level would be a positive.
Dayframe: A minor poc (13day) has emerged at 2724.00. Price relative to this level at the start of this week could be useful to gauge ST strength/weakness.
First Level Support = 2672 (12mn poc)
Second Level Support = 2647 (4mn poc)
Index ETFs: SPY 266.00 = 9mn; IWM 153.50 = 1year
Market Charts: All major Market Charts are positive.
Stocks>50dyma numbers: Nyse 60%, Nasdaq 65%, R2000 66%. numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio ended the week at 21.71. On 04/18, the ratio fell to 13.93, a 43 day low.
Bonds: TLT – is printing below 121.00, the major poc, in a weak LT price location. On Thursday fell to its lowest level since July 2015.
Dollar Index: has today reached its highest level since December.
Gold – GLD closed below 125.23, the 4mn poc, last Monday, and fell sharply on Tuesday. Has not recovered from that level.
Oil: USO – On Thursday printed its highest level since November 2015. First sign of weakness would be time printed below 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 and at the end of last month the Support trendline off the 2016 low was broken. Has today printed its lowest level since January.
EURUSD: as explained in the video on 04/20, the major poc migrated to 1.2330. Since that point EURUSD has been printing below that level in a weaker price location. Has today printed its lowest level since December and tested the Support at 1.1755, the 1year poc.
USDJPY: The 6mn poc for this chart migrated to 107 five weeks ago and the chart is printing up from that level. Has today printed its highest level since January and probed 111.30, the 2year poc.
