emini analysis 12th July from Chartprofit.
Aggressive Buying (green-at-top) was marked again on Friday as ES auctioned to a new high for the rally since February. Pre-open today ES has printed above 2140. Breadth improved again, see below, and Momentum (PriuceOsc) on the SPY chart has just turned positive, see Pulse Chart.
First Level Support = 2087.00 (major poc)
Second Level Support = 2041.00 (poc of current distribution)
Key Charts:
FTSE100 Futures is today printing above the 6525 major poc in a strong price location.
DAX Index: broke above 9660 (major poc) on Monday and is today printer higher in a stronger price location.
Stocks>50dyma numbers: Nyse 69% (from 64%), Nasdaq 68% (from 62%), R2000 72% (from 66%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 5.38, a six month high. This is a contrarian indicator.
Supporting Charts:
Bonds: TLT closed at a new high last week but futures indicate a lower open today.
Dollar Index: is currently printing very close to 96.21, the 1/2R off the December high. Price above this level is strong location.
Gold: GLD printed a two year high last week. Cash indicates a lower open today.
Oil: USO – the 9mn poc migrated to 11.70 late last week. USO closed below that level on Friday and on Monday printed its lowest level since early May. Today, futures indicate a higher open.
EURUSD: printing below 1.1313, the 4yr poc but currently holding 1.11, the 1/2R off last year’s low.
click on graphic to enlarge
