emini ES 14th May – pre-open from Chartprofit
Please see previous highlighted comments. I have marked Aggressive Buying (green-at-top) three times in the last six days and the market is higher indicating this is Effective Buying. The last three Value Areas have been generated above 2672, the 12mn poc, and as long as ES holds above that level it is in a strong price location.
First Level Support = 2672 (12mn poc)
Second Level Support = 2647 (4mn poc)
Index ETFs: SPY 266.00 = 9mn; IWM 153.50 = 1year
Stocks>50dyma numbers: Nyse 62%, Nasdaq 60%, R2000 63%. Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio ended the week at 16.92. On 04/18, the ratio fell to 13.93, a 43 day low which indicated some nervousness from the Rydex traders.
Bonds: TLT – is printing below 121.00, the major poc, in a weak LT price location.
Dollar Index: last week reached its highest level since December.
Gold – GLD: The 4mn poc is at 125.23 and GLD finished the week just below that level.
Oil: USO – On Thursday printed its highest level since November 2015. First sign of weakness would be time printed below 12.79, the 12mn poc.
GBPUSD: in mid April the major Value Area High at 1.4212 was probed for the second time this year and was rejected again. The Support at 1.3965 (6mn poc) was then broken and at the end of last month the Support trendline off the 2016 low was broken.
EURUSD: as explained in the video on 04/20, the major poc migrated to 1.2330. Since that point EURUSD has been printing below that level in a weaker price location and last week printed it lowest level since December.
USDJPY: The 6mn poc for this chart migrated to 107 four weeks ago and the chart is printing up from that level.
