emini 6th July 2018 – pre-open from Chartprofit
ES has been oscillating around the 2718 poc for last two weeks, consolidating and building that poc with no directional imbalances being marked. I’m looking for Aggressive Buying (green) marked above 2718 or Aggressive Selling (red) marked below to indicate the next directional move. Thursday’s session was Supported by the poc and overnight ES has printed as high as 2747.50. Note that Aggressive Selling has not been marked for 49 days.
Also watching SPY 269.77, the 1/2R from this year’s high.
LT Support = 2718.00 (12mn poc)
Stocks>50dyma numbers: Nyse 58% (from 52%), Nasdaq 62% (from 57%), R2000 69% (from 63%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 20.47. 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 last week to print above that level and has been printing above that level since. Intra-day on Thursday, TLT printed its highest level since January.
Dollar Index: On a thirty minute basis the 6year poc is at 94.80. The chart is today printing back below that level. Has today printed a sixteen day low.
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 – Last week the May high was exceeded and higher again earlier this week. Futures indicate a lower open today for USO.
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 is at 1.3170 and today GBPUSD prints above that level.
EURUSD: 06/14 chart broke back below 1.1755, the 1year poc. Today, that Resistance is being probed.
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.
