emini analysis 19th June 2017 – pre-open from Chartprofit
See previous, highlighted, comments. Both Thursday’s and Friday’s Value Areas were generated entirely below 2434.50 (6wk poc). However, pre-open today ES prints above that level. Price relative to that level at the start of this week will be useful to gauge ST strength/weakness.
Minor S/R = 2434.50 (minor poc)
First Level LT Support = 2384 (5mn poc)
Second Level LT Support = 2353 (poc)
Sentiment: My version of the Rydex Assets Ratio ended the week at 8.88. On 1st March the ratio reached 14.02, the second highest ratio in the database.
Market Charts: Nyse, Nasdaq & R2000 are neutral. UK turned negative.
Stocks>50dyma numbers: Nyse 60%, Nasdaq 55%, R2000 58%, UK 60%. Numbers >50 are supportive
Bonds: TLT – closed on Friday 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 on Friday below 119.84, the maj poc. GLD needs to recover this level to regain a strong price location.
Oil: USO – printing below 10.28, the 4mn poc, in a weak price location. Last week printed its lowest level in more than a year. Key chart.
GBPUSD: 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
