emini analysis 27th June 2017 – pre-open from Chartprofit
During Monday’s session the 6wk poc migrated slightly higher to 2436.50. Pre-open today ES is printing below that level. Also see Sentiment, below.
Minor Support/Resistance = 2436.50 (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 14.3. This is the highest reading I have in my database. The ratio reaching a new high has historically been a warning for the market. One interesting aspect though is the relatively low level of participation, i.e. Total Assets (Bull Assets + Bear Assets) is relatively low.
Stocks>50dyma numbers: Nyse 57% (from 53%), Nasdaq 57% (from 56%), R2000 56% (from 55%). Numbers >50 are supportive.
Bonds: TLT – on Monday TLT printed its highest level since November. Futures indicate a lower open today though.
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 Monday 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 the chart 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: The 12mn poc recently migrated to 111.30 and price relative to that level is now important to monitor. Currently printing above that level.
click graphic to enlarge
