emini 18th April 2019 – pre-open from ChartProfit
Last week the 1mn poc migrated higher again, up to 2887. This is now First level Support and price relative to this level is important to monitor. Significant Selling (red-at-bottom) has not been marked at all this year. Also see Sentiment, below.
Stocks>50dyma numbers: Nyse 63% (from 68%), Nasdaq 55% (from 56%), R2000 56% (unch). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 22.33, a 6 month high. On 9th Jan the ratio fell to 5.54, the lowest since July 2016.
Bonds – TLT: 03/28 TLT printed its highest level since December ’17. Has retraced sharply from there but as long as TLT holds above the 121 major Support 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 Tuesday broke below the major Support at 121 and is now 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 strongly.
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. This level was probed earlier in the week but currently EURUSD is below that 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.
