emini futures 19th November 2018 – pre-open from Chartprofit
Friday’s session generated a Value Area above 2718, the major poc. So that’s a stronger position if ES can hold above the poc (now Support) but as I wrote on Wednesday “prudent Bulls would wait for Significant Buying (green) marked above this level”. A further positive would be breadth improving, see below.
ETFs Maj POC Levels: SPY 271.7, IWM 153.5
Stocks>50dyma numbers: Nyse 36%, Nasdaq 29% (from 28%), R2000 31% (from 29%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio ended the week at 12.08. Market is lower this week and the ratio higher, that’s a little concerning. On 11/05 the ratio fell to 8.15 which was the lowest ratio in more than a year. The peak reading is 27.55 recorded 09/07 which equalled the highest ratio in the database.
Bonds: TLT – declined sharply since breaking below 121.00, the major poc, at the start of September. 11/02 broke lower and subsequently printed its lowest level since Jul 2014. Has bounced from there.
Dollar Index: Last week DXY printed its highest level since June 2017. The major poc is at 94.80 and chart printed a higher low at that Support earlier in the month – it remains in a strong LT price location above that level.
Gold: GLD – The major poc is at 121.00 and this Support was broken 06/19. Chart remains in a LT weak position. It is possible the poc could migrate lower with time – I am monitoring that. There is minor Resistance at 116.0, the 11mn poc.
Oil: USO – Broke below 12.79, the 12mn poc, last week. Declined further from there. Chart looks set to test the Major Poc Support at 11.41.
GBPUSD: remains in a weak LT location below 1.3200, the major poc.
EURUSD: Last week printed its lowest level since June 2017, breaking the August low. Chart remains in a weak LT price location if it prints below 1.1450, the 1/2R off 2016 low.
USDJPY: the major poc is at 111.30. Chart is printing above that level and looks to have formed a higher low at that poc.
