emini analysis 14th June 2017 – pre-open from Chartprofit
Enough time was spent at 2433 to migrate the six week poc to this level (from 2413). When the minor poc was at 2413 it implied exhaustion for the minor distribution around 2443. We saw rejection at that price level, see Monday’s comments, and the Sep contract subsequently retraced to print at the 2413 poc. Now that the minor poc has migrated higher, 2443 loses its importance as a Resistance level. Also note that Aggressive Buying (green-at-top) was marked on Tuesday.
Minor Support = 2433.00 (minor poc)
First Level LT Support = 2384 (5mn poc)
Second Level LT Support = 2353 (poc)
Sentiment: My version of the Rydex Assets Ratio was unchanged at 9.90. On 1st March the ratio reached 14.02, the second highest ratio in the database.
Stocks>50dyma numbers: Nyse 66% (from 63%), Nasdaq 62% (from 61%), 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 last week printed its lowest level since November. Support at 95.57, the 2yr poc.
Gold: has been printing above 119.84, the maj poc, for twelve 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.
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