emini 13th June 2019 – pre-open from ChartProfit
Aggressive Buying (green-at-top) was marked three times last week. The market rallied strongly so this was effective buying. Last four Value Areas have been generated above 2830, the 6mn poc. The minor (14day) poc has migrated to 2879 and this is worth monitoring today re ST strength/weakness.
Stocks>50dyma numbers: Nyse 44% (unch), Nasdaq 35% (from 36%), R2000 36% (unch). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio has risen sharply this week, now at 17.7. Up from 11.58 last 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. Acceptance (time) of 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. Acceptance (time) of that level, rather than rejection, would be a bullish development.
Oil: USO – for nine 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 has been probed over the last few days but currently prints below that level.
USDJPY: the major poc is at 112.65. Chart is currently in a weak position below that level.
