emini futures 10th April 2019 – pre-open from ChartProfit
S&P500 emini futures has been printing time above 2818, the maj Value Area High, which is a bullish indication. There is minor Support at 2817.50, the 1mn poc and more important Support at 2792.50, the 3mn poc. Significant Selling (red-at-bottom) has not been marked at all this year. Note that the Rydex ratio reached a 6month high, see Sentiment below
Stocks>50dyma numbers: Nyse 64% (from 72%), Nasdaq 57% (from 61%), R2000 52% (from 60%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 20.59, a 6month high.
Bonds – TLT: 03/28 TLT printed its highest level since December ’17 but has retraced from there. In the LT as long as chart holds above 121.0 (maj) it is in a strong position.
Dollar Index: is printing above 96.38 (the minor 1/2R off December high) in a strong position in the ST. As long as index prints above 94.80 (maj) it is in a strong position in the LT.
Gold: GLD – on Thursday GLD tested (but held) the major Support at 121 for the third time. Critical that chart holds this level which has a “neckline” look about it. A break would put chart in a weak position.
Oil: USO – tested 11.41, the Major Poc Support on 03/08. Formed a higher low at that Support and has rallied to close on Monday at its highest level since November. This is an important chart. If USO is printing above 11.41 it is a positive for risk-on.
GBPUSD: likely to be volatile and needs to recover back above 1.3130 to be in a strong position.
EURUSD: price relative to 1.131, the maj poc, is most important to monitor and currently chart is printing below this level in a weak position.
USDJPY: the major poc is at 112.60. Chart has approached (but not exceeded) that Resistance. Still in a weak position.
