emini futures 3rd May 2019 – pre-open from ChartProfit
During Thursday’s session ES found Resistance at 2933, the minor poc, see yesterday’s comments on chart. Later in the session the Support at 2910 was briefly tested but ES has recovered. Price printing time back above 2933 would be a positive at this point. Price printing time below 2910 would indicate further weakness. Significant Selling (red) has not been marked at all this year.
Stocks>50dyma numbers: Nyse 55% (from 56%), Nasdaq 53% (from 51%), R2000 54% (from 52%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 23.93, 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: Last week the index reached its highest level since May 2017, breaking above the highs of December and March around 97.7. However that breakout has not held and DXY has printed back below the level of those highs. In the LT as long as the chart is printing above the major at 94.80 it is in a strong position but we should be open to the possibility of a reversal here.
Gold: GLD – closed below 121, the major poc. Chart is in a weak position if it prints below that level. Note also that the major poc for cash gold is at 1286.50. This was broken last week and Gold has not recovered back above 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 has retraced from there. 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 and has bounced this week. Price below that level (1.2915) would indicate further weakness.
EURUSD: on Friday printed its lowest level since June 2017 having broken below March’s low (1.1174). Price below 1.1310 keeps the chart in a weak LT position.
USDJPY: the major poc is at 112.60. Chart has approached (but not exceeded) that Resistance.
