Emini Friday 14th June 2019
The 6mn poc has migrated higher to 2887. Would be bullish if ES can now hold this level. Time printed below this price would indicate a test of 2830.
Stocks>50dyma numbers: Nyse 49% (from 44%), Nasdaq 38% (from 35%), R2000 40% (from 36%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio has risen sharply this week, now at 18.93. 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; 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 – last ten 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.
EURUSD: 05/23 printed its lowest level since June 2017. This week there has been a rejected probe of 1.1310, the Major poc Resistance.
USDJPY: the major poc is at 112.65. Chart is currently in a weak position below that level.
