emini analysis 9th June 2017 – pre-open from Chartprofit
Dayframe: The minor poc (12day) is at 2432.00. Price relative to this level would be an indication of intraday strength/weakness today. One hour pre-open ES is printing just above that level. Minor distributions suggest that 2443 might reject price – it would be a positive if price is accepted at that level should it be reached.
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 9.13. On 1st March the ratio reached 14.02, the second highest ratio in the database.
Stocks>50dyma numbers: Nyse 57% (from 52%), Nasdaq 61% (from 53%), R2000 59% (from 49%). 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 nine 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: Sharply lower today but as long as chart holds above 1.2478, the maj poc, it is in a strong price location in th LT.
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. Resistance is at 1.1329, the maj poc.
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
