emini 27th February 2019 – pre-open from Chartprofit
As long as ES holds above 2718, the major poc, it is in a strong LT position. The minor Support is at 2777.00 (17day poc). Price relative to this minor poc is worth monitoring in the ST, i.e. above/below = minor strength/weakness. Overnight ES printed lower but not low enough to test that minor Support.
Stocks>50dyma numbers: Nyse 86% (from 87%), Nasdaq 84% (from 85%), R2000 85% (from 87%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 17.27. On Friday the ratio reached 17.89, a 4 month high. 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 the 121.0 major poc Support was tested but has held. TLT needs to hold above this level to maintain its strong position.
Dollar Index: as long as DXY prints above 94.80, the major poc, it is in a strong LT price location. In the ST, chart has broken below 96.38, the minor 1/2R off December high and is in a weaker position.
Gold: GLD – rallied strongly following a higher low in December which found Support at 121.00, the major poc. Strong LT location but GLD reached the major Value Area High (VAH) last week at 127.15. This could cap the upside until the maj poc (currently at 121) migrates higher.
Oil: USO – has been printing above 11.41, the Major Poc. USO sold-off on Monday and this level is now Support. This is an important chart. If USO is printing above 11.41 it is a positive for risk-on.
GBPUSD: in December the chart bounced from a second test of 1.2481 (30mn poc) and has rallied. Last week the major poc (measured on a 30minute basis) migrated lower to 1.2930. Since then the chart has been printing above that level in a stronger LT position and has today printed its highest level since July last year.
EURUSD: Currently printing back above the 1.131 Support, a previous major poc, in a stronger position.
USDJPY: the major poc is at 112.60. Chart is currently printing below that level in a weak LT position.