emini analysis 23rd June 2017 – pre-open from Chartprofit
On Thursday enough time was spent at 2432 to migrate the 2mn poc to that level. Price relative to this level will give a clue re ST strength/weakness.
Minor Support/Resistance = 2432.00 (2mn poc)
First Level LT Support = 2384 (5mn poc)
Second Level LT Support = 2353 (poc)
Sentiment: My version of the Rydex Assets Ratio was lower at 11.33. Wednesday’s ratio at 12.64 was a 34 day high. On 1st March the ratio reached 14.02, the second highest ratio in the database.
Stocks>50dyma numbers: Nyse 51% (from 50%), Nasdaq 52% (from 51%), R2000 50% (from 48%). Numbers >50 are supportive
Bonds: TLT – closed on Thursday 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 Thursday 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. This week the chart has printed 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
