emini analysis market pre-open 14th July 2016 – Chartprofit
SPY and DIA have printed new all-time highs this week Intraday Sellers were active on Wednesday, see highlighted numbers, but their activity was Ineffective in the longer timeframe as the session generated an overlapping Value Area. In the LT there is no mark-able sign of the (Significant) Sellers and until that happens we should continue to assume that the Buyers are in control. Pre-open today ES has printed as high as 2168 following the BoE decision to hold rates.
First Level Support = 2087.00 (major poc)
Second Level Support = 2041.00 (poc of current distribution)
Stocks>50dyma numbers: Nyse 77% (from 79%), Nasdaq 72% (from 74%), R2000 79% (from 80%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was lower at 4.83. Down from Monday’s ratio at 5.38 which was a a six month high. This is a contrarian indicator.
Supporting Charts:
Bonds: TLT closed at a new high last week. Lower this week and Futures indicate a lower open today.
Dollar Index: is today printing below 96.21, the 1/2R off the December high in a weaker price location.
Gold: GLD printed a two year high last week. Lower this week and 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.
EURUSD: printing below 1.1313, the 4yr poc. And currently printing just above 1.11, the 1/2R
click to enlarge graphic
