emini 7th February 2019 – from Chartprofit
Aggressive Buying was marked on Monday as ES probed above 2718, the major poc. Value Areas on Tuesday and Wednesday were printed entirely above the poc. Price printing time above 2718 would be another big positive. Pre-open ES is printing back below that level.
Stocks>50dyma numbers: Nyse 82% (from 84%), Nasdaq 79% (rom 78%), R2000 77% (from 78%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was slightly 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 Wednesday TLT closed very close to 121.00, the major poc. Price above this level would be a strong position. Futures indicate TLT will open above this level.
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 at the end of last month following a higher low in December which found Support at 121.00, the major poc. Strong LT location.
Oil: USO – closed on Wednesday 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. There is Support at 1.131, a previous major.
USDJPY: the major poc is at 112.60. Chart is currently printing below that level in a weak position.
