emini 6th February 2019

emini 6th February 2019

Aggressive Buying was marked on Monday as ES probed above 2718, the major poc. Tuesday’s Value Area was printed entirely above the poc. Price printing time above 2718 would be another big positive.

Stocks>50dyma numbers: Nyse 84% (unch), Nasdaq 78% (unch), R2000 78% (unch). Numbers >50 are supportive.

Sentiment: My version of the Rydex Assets Ratio was higher at 11.56. On 9th Jan the ratio fell to 5.54, the lowest since July 2016. Down from 27.5 in early September.

Bonds – TLT: On Tuesday TLT closed very close to 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 – rallied 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 Tuesday just below 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 printed sharply higher. Has retraced from there.
EURUSD: bulls would want to see time printed above 1.1450, the major 1/2R. Currently this is not happening and chart prints below that level.
USDJPY: the major poc is at 112.60. Chart is currently printing below that level in a weak position.