emini SP500 24th 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. On Thursday ES printed below 2821, the 5mn poc, but that level has been recovered. Bulls would not want time being spent below that poc. And..note that FTSE100 and DAX found Support on Thursday at their 1/2R levels as per charts sent as those levels were tested. Updated charts will be sent. Again, Bulls would want to see those key charts holding Support.
Stocks>50dyma numbers: Nyse 34% (from 41%), Nasdaq 30% (from 39%), R2000 31% (from 41%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was lower at 16.40, the lowest since 19th Feb. The ratio 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: on Thursday TLT printed its highest level since December ’17. In the longer-term as long as TLT holds above the 121 major Support it is in a strong position.
Dollar Index: on Thursday the index reached its highest level since May 2017. In the LT as long as the chart is printing above the major at 94.80 it is in a strong position.
Gold: GLD – on Thursday closed back above 121, the major poc.
Oil: USO – On Thursday USO broke below the 12.79 Support, the 18mn poc, and fell sharply.Major Poc Support at 11.41.
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. On Thursday chart printed its lowest level since early January.
EURUSD: on Thursday printed its lowest level since June 2017. 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.
