emini SP500 12th June 2019

emini SP500 12th June 2019

Aggressive Buying (green-at-top) was marked three times last week. The market rallied strongly so this was effective buying. Last three Value Areas have been generated above 2830, the 6mn poc – this level is now First Level Support.

Stocks>50dyma numbers: Nyse 44% (from 45%), Nasdaq 36% (unch), R2000 36% (unch). Numbers >50 are supportive.

Sentiment: My version of the Rydex Assets Ratio was sharply higher at 16.69, from 13.71. The ratio fell to 11.58 on Thursday, a three month low.

Bonds – TLT: last week TLT printed its highest level since November ’16, almost probing the maj VAH at 132.80. Time printed close to that level, rather than rejection, would be a bullish development.
Dollar Index: 05/23 printed its highest level since May 2017 but has sold-off from there, printing a 2month low last week. 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 week. On Friday the major VAH at 127.15 was probed and GLD has fallen back this week. Time printed close to that level, rather than rejection, would be a bullish development.
Oil: USO – for eight days USO has been printing 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. 05/31 GBPUSD printed its lowest level since early January but has bounced from there.
EURUSD: 05/23 printed its lowest level since June 2017. The Major poc Resistance at 1.1310 is being probed again today.
USDJPY: the major poc is at 112.65. Chart is currently in a weak position below that level.