emini analysis 13th June 2017 – pre-open from Chartprofit
Note: we are now following the Sep contract. Please read yesterday’s comments. As noted, the Sep contract tested the minor Support at 2413 on Friday. ES needs to hold above this level to maintain a strong proce location on the minor timeframe. There is minor Resistance today at 2432 (min poc). Price printing time above that level would be a positive. Four hours pre-open that level has been probed.
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 was almost unchanged at 9.90. On 1st March the ratio reached 14.02, the second highest ratio in the database.
Stocks>50dyma numbers: Nyse 63% (from 62%), Nasdaq 61% (from 62%), R2000 66% (unch). 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 eleven 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 graphic to enlarge
