emini 2nd July 2018 – from Chartprofit
Currently ES is oscillating around the 2718 poc. Friday’s Value Area was generated above that level but pre-open ES is printing back below it. I’m looking for Aggressive Buying (green) marked above 2718 or Aggressive Selling (red) marked below to indicate the next directional move. Note that Aggressive Selling has not been marked for 46 days. Also watching SPY 269.77, the 1/2R from this year’s high.
LT Support = 2718.00 (12mn poc)
Market Charts: Nyse turned neutral; Nasdaq turned negative; R2000 stayed positive.
Stocks>50dyma numbers: Nyse 51%, Nasdaq 52%, R2000 56%. Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio ended the week at 20.75. The highest ratio in the database is 27.55 recorded on 01/30.
Bonds: TLT – 121.00 is the major poc. TLT was sharply higher on Wednesday to print above that level and through the end of the week.
Dollar Index: On a thirty minute basis the 6year poc is at 94.80 and currently the chart is oscillating around 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 – 05/22 chart printed its highest level since November 2015. On Wednesday that high was exceeded and USO closed near to the high of the week on Friday.
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 at 1.3170 was broken last week and currently prints below that level.
EURUSD: 06/14 chart broke back below 1.1755, 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.
