emini analysis 12th June 2017 – pre-open from Chartprofit
During Friday’s session there was a rejection of a price probe above 2443 (dashed line), see Friday’s highlighted pre-open comments. As I wrote on Friday it was a minor distribution that indicated this could happen. It would now be a positive to see price accepted (time) around that level. Friday’s session (and since) has held the 2413 minor poc Support. It’s the June contract on the chart but I note that Friday’s session low on the September contract (now the front month) was 2412.50; AND the high was 2443.50. We will now be following the Sep contract.
Minor Support = 2413.00 (minor poc)
First Level LT Support = 2384 (5mn poc)
Second Level LT Support = 2353 (poc)
Sentiment: My version of the Rydex Assets Ratio ended the week at 9.91. On 1st March the ratio reached 14.02, the second highest ratio in the database.
Market Charts: Nyse remained neutral; Nasdaq remained positive; R2000 turned positive.
Stocks>50dyma numbers: Nyse 62%), Nasdaq 62%, R2000 66%. Numbers >50 are supportive.
Bonds: TLT – as long as the chart holds above 121.63, the 8mn poc, it is in a strong price location in the LT.
Dollar Index: rallied back from the March low to probe 101.00, the major poc, in early April. That probe into Resistance was rejected. Chart remains in a weak price location and on Wednesday printed its lowest level since November. Support at 95.57, the 2yr poc.
Gold: has been printing above 119.84, the maj poc, for ten days now. Strong price location if this level holds.
Oil: USO – printing below 10.28, the 4mn poc, in a weak price location. Oil could become a problem for equities. Key chart.
GBPUSD: Sharply lower on Friday but as long as chart holds above 1.2478, the maj poc, it is in a strong price location in th LT.
EURUSD: in April EURUSD tested the Support at 1.0597, the 7mn poc, and held. Has rallied from there. Resistance is at 1.1329, the maj poc.
USDJPY: In early May the Resistance at 113.61 (4mn poc) was tested, but that test was rejected. Chart is still in a weak price location.
click to enlarge graphic
