Chartprofit emini analysis 1st July 2016 pre-open
Latest emini analysis shows three days of Aggressive (green-at-top) Effective Buying, i.e. higher Value Areas with Wednesday and Thursday’s VAs printed entirely above the 2041 poc. ES reached the major Resistance at 2087 yesterday, see previous comments, and one hour pre-open today is printing slightly above that price. If ES can print time above that level it would be in a strong price location and imply further strength. Interested to see if Sellers react here as they often do at a major poc. Breadth numbers improved, see below.
First Level Support/Resistance = 2087.00 (major poc)
Second Level Support = 2041.00 (poc of current distribution)
Stocks>50dyma numbers: Nyse 54% (from 43%), Nasdaq 49% (from 39%), R2000 54% (from 41%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was almost unchanged at 4.70. On 02/19 the ratio fell to 2.64 which was the lowest since November 2012. The highest since very early this year was reached on 04/26 at 5.27.
Supporting Charts: See today’s video
click to enlarge graphic
