emini analysis 22nd June 2017 – pre-open from Chartprofit
Please read yesterday’s highlighted comments. Following the Aggressive Sellin g on Tuesday, Wednesday’s session generated a lower Value Area, but not entirely below 2434.50, the 6wk poc. There was intraday Resistance at this level (see chart) and again overnight and pre-open ES continues to print slightly below this level in a weaker price location.
Minor Support/Resistance = 2434.50 (6wk poc)
First Level LT Support = 2384 (5mn poc)
Second Level LT Support = 2353 (poc)
Sentiment: My version of the Rydex Assets Ratio was higher at 12.64, a 34 day high. On 1st March the ratio reached 14.02, the second highest ratio in the database.
Stocks>50dyma numbers: Nyse 50% (from 56%), Nasdaq 51% (from 53%), R2000 48% from (53%). Numbers >50 are supportive
Bonds: TLT – closed on Wednesday at its strongest level since November. Futures indicate ba lower open for TLT today.
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 Wednesday below 119.84, the maj poc. GLD needs to recover this level to regain a strong price location. Cash indicates a higher open for GLD today.
Oil: USO – printing below 10.28, the 4mn poc, in a weak price location. Another weak day on Wednesday with chart printing its lowest level since Feb 2016. Key chart. GBPUSD: as long as chart holds above 1.2478, the maj poc, it is in a strong price location in the 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
