emini SP500 6th June 2019 – pre-open from ChartProfit
Aggressive Buying (green-at-top) was marked again on Wednesday. A higher Value Area was generated and ES approached the 6mn Resistance at 2830. Time above that level would be a further positive. Pre-open today ES has printed as high as 2838. Key Charts, FTSE100, DAX and IWM are printing above their 1/2R levels, see yesterday’s pre-open comments (highlighted).
Stocks>50dyma numbers: Nyse 40% (from 36%), Nasdaq 31% (unch), R2000 33% (from 34%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was lower at 12.37, the lowest ratio since 02/15. SPY is up 2.5% this week and the Ratio is down by 15%. Most of the time that pattern is not bearish. The ratio reached 23.93 on the 7th May, a seven month high.
Bonds – TLT: on Monday TLT printed its highest level since November ’16, almost testing the maj VAH at 132.80. Lower from there.
Dollar Index: 05/23 printed its highest level since May 2017 but has sold-off from there, printing a 38 day low on Wednesday. In the LT as long as the chart is printing above the major at 94.80 it is in a strong position.
Gold: GLD – sharply higher last five days. Price had been ranging around 121, the major poc, since mid-April. Looking for a higher low above that level which would be a bullish indication.
Oil: USO – last four days USO closed below 11.41, the Major Poc. This is a weak position and Bulls would hope that USO recovers this level asap.
GBPUSD: is in a weak position below 1.3130, the maj poc. The 1/2R off this year’s low, was broken earlier in the month and chart fell sharply from there. On Friday GBPUSD printed its lowest level since early January but has bounced this week.
EURUSD: last week printed its lowest level since June 2017. The Major poc Resistance at 1.1310 was probed but not exceeded on Wednesday.
USDJPY: the major poc is at 111.17. Chart is currently in a weak position below that level.
