emini 22nd May 2019 – from ChartProfit
Last week there was a rejected probe of 2894, the 2mn poc Resistance. On Tuesday there was a rejected probe of 2871, the v minor poc, see yesterday’s pre-open comments (highlighted). In the short term if price is printing below 2871, it is in a weak position. Pre-open today ES has printed below 2850. There is Support at 2821, the 5mn poc.
Stocks>50dyma numbers: Nyse 44% (from 38%), Nasdaq 41% (from 38%), R2000 45% (from 40%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was almost unchanged again at 17.41, having reached 23.93 on the 7th May, 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. TLT is closed on Monday close to that high. In the longer-term as long as TLT holds above the 121 major Support it is in a strong position.
Dollar Index: 04/25 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. There has not been a strong rejection to that test and DXY has been consolidating for three weeks so a reversal at this point seems less likely. In the LT as long as the chart is printing above the major at 94.80 it is in a strong position.
Gold: GLD – closed on last three days below 121, the major poc.
Oil: USO – tested 11.41, the Major Poc Support on 03/08. Formed a higher low at that Support and rallied strongly. On 04/23 closed at its highest level since October but has retraced from there. First Level Support is at 12.79, the 18mn – USO is currently holding that level.
GBPUSD: is in a weak position below 1.3130, the maj poc. The Support at 1.2915, the 1/2R off this year’s low, was broken early last week and chart has fallen sharply from there. Today has printed its lowest level since 4th January.
EURUSD: in April 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 111.17. Chart is currently in a weak position below that level.
