emini 5th February 2019 – pre-open from Chartprofit
Aggressive Buying was marked again on Monday as ES probed above 2718, the major poc Resistance. Price printing time above this level would be another big positive.
Stocks>50dyma numbers: Nyse 84% (from 79%), Nasdaq 78% (from 73%), R2000 78% (from 72%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was lower at 10.8. This was on an up day for the market and from a contrarian pov is a ST positive. On 9th Jan the ratio fell to 5.54, the lowest since July 2016. Down from 27.5 in early September.
Bonds – TLT: On Monday TLT closed below 121.00, the major poc. Price above this level would be a strong position.
Dollar Index: as long as DXY prints above 94.80, the major poc, it is in a strong LT price location.
Gold: GLD – ralied strongly last week following a higher low in December which found Support at 121.00, the major poc. Strong LT location.
Oil: USO – closed on Monday just above 11.41, the Major Poc. This is an important chart. Price printing time above 11.41 would be a positive for risk-on.
GBPUSD: in December the chart bounced from a second test of 1.2481 (30mn poc) and has printed sharply higher. Has retraced from there.
EURUSD: bulls would want to see time printed above 1.1450, the major 1/2R. Currently printing very close to that level.
USDJPY: the major poc is at 112.60. Chart is currently printing below that level in a weak position.
