emini analysis 2nd June 2017 – pre-open
Aggressive Buying (green-at-top) was marked as ES (and SPY) recorded a new high. Breadth has improved. See below and Pulse Chart.
Dayframe: The minor poc was at 2411.50, see yesterday’s comments, but migrated slightly higher to 2413.00 and as long as ES holds above that level it is in a strong location even on the minor timeframe.
In the longer timeframe, here’s the Support:
First Level Support = 2384 (5mn poc)
Second Level Support = 2353 (poc)
Sentiment: My version of the Rydex Assets Ratio was slightly lower at 9.53. Last week the ratio fell to 7.75, a 71 day low, and as I wrote “this is a contrarian indicator so this is most likely a positive”. On 1st March the ratio reached 14.02, the second highest ratio in the database.
Stocks>50dyma numbers: Nyse 57% (from 49%), Nasdaq 54% (from 47%), R2000 52% (from 43%).
Numbers >50 are supportive.
Bonds: TLT – last elevn days have been printed back above 121.63, the 8mn poc, in a strong price location.
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.
Gold: closed above 119.84, the maj poc, in a stronger price location. Time printed above that level would be a positive.
Oil: USO – is this week printing back below 10.28, the 4mn poc, in a weaker price location. Key chart.
GBPUSD: In the LT, as long as chart holds above 1.2478, the maj poc, it is in a strong price location.
EURUSD: last month the chart tested the Support at 1.0597, the 7mn poc, and held. Has rallied from there. Last week printed its highest level since November.
USDJPY: earlier in the month the Resistance at 113.61 (4mn poc) was tested, but that test looks to have been rejected.
click graphic to enlarge
