emini SP500 29th May 2019 – pre-open from ChartProfit
Recent price action has been weak, see yesterday’s, highlighted, pre-open comments. Tuesday’s Value Area was generated above 2821, the 5mn poc, but ES broke below that level in the p.m. and the session ended weakly. There is further POC Support (12mn) at 2776, below that there is the major at 2718.
Stocks>50dyma numbers: Nyse 30% (from 36%), Nasdaq 30% (from 33%), R2000 32% (from 35%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was almost unchanged at 16.41, a thre month low, having reached 23.93 on the 7th May, a seven month high.
Bonds – TLT: on Tuesday TLT printed its highest level since September ’17. In the longer-term as long as TLT holds above the 121 major Support it is in a strong position.
Dollar Index: last week printed 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 – price has been ranging around 121, the major poc, since mid-April. Looking for a higher low or a lower high above/below that level.
Oil: USO – last 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 earlier in the month and chart has fallen sharply from there. Last week GBPUSD 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.
