emini analysis Friday 8th July
In yesterday’s emini analysis I wrote “Price moving into these long-term levels of Value will often slow and find the area of price attractive”. ES has been ranging around 2087 for five days. Significant Sellers will often React at these points but have not done so yet. Unless Selling (red) is marked soon Buyers will look for them higher.
First Level Support = 2087.00 (major poc)
Second Level Support = 2041.00 (poc of current distribution)
Key Charts:
FTSE100 Futures stalled at the 6525 major poc. Time printed above this level would be a positive.
GBPUSD: the minor poc on this chart is at 1.3286 and GBPUSD is currently printing below that level.
DAX Index: broke below 9660, its major poc, on Tuesday. Weak location.
Stocks>50dyma numbers: Nyse 51% (from 52%), Nasdaq 48% (from 47%), R2000 50% (unch). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was slightly higher at 4.66. The highest ratio since very early this year was reached on 04/26 at 5.27. On 02/19 the ratio fell to 2.64 which was the lowest since November 2012.
Supporting Charts:
see today’s video
click graphic to enlarge
