emini analysis 8th June 2017 – pre-open from Chartprofit
Dayframe: See yesterday’s comments. 2434.50 was intraday Resistance on Wednesday. That minor poc (11day) has now shifted slightly lower to 2432.00. Price relative to this level would be an indication of intraday strength/weakness today.
Last week Aggressive Buying (green-at-top) was marked on Thursday as ES (and SPY) recorded a new high. As long as ES holds above 2413.00 it is in a strong location even on the minor timeframe.
Minor Support = 2413.00 (minor poc)
First Level LT Support = 2384 (5mn poc)
Second Level LT Support = 2353 (poc)
Sentiment: My version of the Rydex Assets Ratio was slightly higher at 9.02. On 1st March the ratio reached 14.02, the second highest ratio in the database.
Stocks>50dyma numbers: Nyse 52% (from 54%), Nasdaq 53% (from 52%), R2000 49% (unch). Numbers >50 are supportive.
Bonds: TLT – as long as the chart holds above 121.63, the 8mn poc, it is in a strong price location in the LT.
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 and on Wednesday printed its lowest level since November.
Gold: has been printing above 119.84, the maj poc, for eight days now. Strong price location.
Oil: USO – printing below 10.28, the 4mn poc, in a weak price location. Oil could become a problem for equities. 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: in April EURUSD tested the Support at 1.0597, the 7mn poc, and held. Has rallied from there. Last Friday printed its highest level since November.
USDJPY: early last month the Resistance at 113.61 (4mn poc) was tested, but that test was rejected. Chart is still in a weak price location.
click graphic to enlarge
