emini – Thursday 7th June 2018
Wednesday’s session generated a fourth 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 64% (from 63%), Nasdaq 74% (from 73%), R2000 78% (from 76%). numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was sharply lower at 18.1 (from 21.22). This on a strong up day for the market. This is a contrarian indicator. On 04/18, the ratio fell to 13.93, a 43 day low.
Bonds: TLT – very volatile currently. Rallied strongly from mid May back above 121.00, the major poc, but sold off on Friday and yesterday tested 118.50, the 6mn poc Support.
Dollar Index: last week printed its highest level since December but has today printed a fifteen day low.
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. 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. Last week chart printed its lowest level since November but held the major poc Support at 1.3170. Has rallied a little from there.
EURUSD: is today printing back above 1.1755, the 1year poc.
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.
