emini analysis 15th June 2017 – pre-open from Chartprofit
Please read previous highlighted comments. Last week there was a rejected test of 2380, the one month VAL (dashed line). That keeps me assuming ES has an upward bias. Also note that all VAs last week were generated above that price. If the poc of the one month price distribution remains at 2385, then price relative to that level is important to monitor, especially as that minor distribution “looks” complete and I’m assuming a new directional move will begin.
Sentiment: My version of the Rydex Assets Ratio ended the week at 10.94. On 1st March the ratio reached 14.02, the second highest ratio in the database.
Market Charts: Nyse & R2000 remained negative, Nasdaq turned negative, UK remained neutral.
Stocks>50dyma numbers: Nyse 48%, Nasdaq 51%, R2000 47%, UK 74%. Numbers >50 are supportive.
Bonds: TLT – remains below 121.63, the 8mn poc, in a weaker price location. Key Chart.
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.
Gold: recently GLD broke below119.84, the maj poc, and also below 119.07, the 1/2R off last year’s high. Weak price location.
Oil: USO – The 1/2R off 2016 low at 10.06 was broken recently. This is now Resistance. Bulls would want to see USO back above that level. Futures indicate a strong open for USO today. Key chart.
GBPUSD: In the LT, as long as chart holds above above 1.2478, the maj poc, it is in a strong price location.
EURUSD: last month the chart tested the Support at 1.0597, the 7mn poc, and held. Chart is in a strong price location above that level.
USDJPY: last week tested the Resistance at 113.61, the 4mn poc, but is currently printing just below that level.
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