emini SP500 30th May 2019 – pre-open from ChartProfit
Checking distributions on different timeframes I noticed that on a five minute basis the 6mn poc migrated to 2830.0 on Tuesday, see blue arrow. This is now First Resistance. Bulls would want to see price recover that level. There is poc Support (12mn) at 2776, see yesterday’s comments, and note that Wednesday’s Value Area was generated above that level. Time below 2776 would increase the odds that the major at 2718 will be tested.
Stocks>50dyma numbers: Nyse 27% (from 30%), Nasdaq 27% (from 30%), R2000 27% (from 32%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was lower at 16.0, 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 November ’16. 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: last week 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.
