emini 5th June 2018 – pre-open from Chartprofit
Monday’s session generated a second Value Area entirely above 2718, the 12mn poc. ES needs to hold above this level to maintain a strong price location.
Support = 2718.00 (12mn poc)
Stocks>50dyma numbers: Nyse 62% (from 60%), Nasdaq 70% (from 66%), R2000 74% (from 72%). numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 23.27. There are only seven readings higher than this in my database. On 04/18, the ratio fell to 13.93, a 43 day low.
Bonds: TLT – rallied strongly from mid May back above 121.00, the major poc but sold off on Friday and closed below that level – and lower on Monday.
Dollar Index: last week 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 in May at 1286.50, its major poc. Cash below that level would be a weaker price location.
Oil: USO – 05/22 chart printed its highest level since November 2015 but has fallen sharply from there. Closed the week at lowest level since mid April. 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 and at the end of April the Support trendline off the 2016 low was broken. Last week chart printed its lowest level since November but held the major poc Support at 1.3170.
EURUSD: 05/23 EURUSD broke below 1.1755, the 1year poc (now Resistance) and last week printed its lowest level since July.
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.
