emini analysis 30th June 2017 – pre-open from Chartprofit
Thursday’s session opened above 2436.50, the 6wk poc, and immediately sold off. Time was spent in the price area around 2415, see previous, highlighted comments. Although time was spent below that VAL, ES quickly recovered and pre-open today has printed above 2425. Unless the 6wk poc (2436.50) migrates lower I’m thinking that time spent around the current VAL at 2415 would be a negative. I would want to see Significant Buying marked before considering new longs.
Minor 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 lower at 14.59. Wednesday’s ratio at 14.76 is the highest reading I have in my database. The ratio reaching a new high has historically been a warning for the market.
Stocks>50dyma numbers: Nyse 54% (from 60%), Nasdaq 56% (from 60%), R2000 57% (from 59%). Numbers >50 are supportive.
Bonds: TLT – on Monday TLT printed its highest level since November but has fallen back from there.
Dollar Index: Has today printed its lowest level since October and has tested the Support at 95.57, the 2yr poc.
Gold: closed Thursday 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 but has rallied from there. 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 and is currently printing above 1.1329, the maj poc, in a strong price location.
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 in a strong price location.
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