emini futures 23rd April 2019 – pre-open from ChartProfit
ES emini futures; the 1mn poc migrated higher again – up to 2894. 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. Breadth numbers have weakened, see below.
Market Charts: All major Market Charts remained positive.
Stocks>50dyma numbers: Nyse 58%, Nasdaq 49%, R2000 47%. Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was lower at 21.42, having reached 22.33 last week, 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 – last week 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. On Monday closed at its highest level since October.
GBPUSD: 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. 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.
