emini futures 29th April 2019 – pre-open from ChartProfit
Aggressive Buying was marked on Tuesday and again on Friday, see previous highlighted comments. First sign of weakness would be a day session close below 2919, Friday’s Buying Day low. Significant Selling (red) has not been marked at all this year.
Dayframe: There is minor (8day) Support at 2933. Price relative to this level is worth monitoring re strength/weakness at the start of this week.
Market Charts: All major Market Charts remaned positive.
Stocks>50dyma numbers: Nyse 62%, Nasdaq 58%, R2000 58%. Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio ended the week at 21.26, having reached 23.02 on Wednesday, a seven 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 from there but as long as TLT holds above the 121 major Support it is in a strong position.
Dollar Index: I have been writing for weeks that the chart is in a strong position above 96.38. On Friday the index reached its highest level since May 2017.
Gold: GLD – ended the week back above 121, the major poc. Chart is in a weak position if it prints below that level.
Oil: USO – tested 11.41, the Major Poc Support on 03/08. Formed a higher low at that Support and rallied strongly. On Tuesday last week closed at its highest level since October but was down hard at the end of the week. First Level Support is at 12.79, the 18mn.
GBPUSD: is in a weak position below 1.3130, the maj poc. Printed a 2 month low last week but found Support at 1.2915, the 1/2R off this year’s low. Price below this level would indicate further weakness.
EURUSD: on Friday printed its lowest level since June 2017.
USDJPY: the major poc is at 112.60. Chart has approached (but not exceeded) that Resistance.
