post-close Wednesday 14th June
During today’s session the six week poc migrated slightly higher to 2434.50. Price relative to this level will give a clue re ST strength/weakness.
Minor Support = 2433.00 (minor poc)
First Level LT Support = 2384 (5mn poc)
Second Level LT Support = 2353 (poc)
Bonds: TLT – closed today at its strongest level since November.
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. Support at 95.57, the 2yr poc.
Gold: closed today very close to 119.84, the maj poc. GLD needs to hold this level if it is to maintain a strong price location.
Oil: USO – printing below 10.28, the 4mn poc, in a weak price location. Closed today at its lowest level in more than a year. 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
