emini 17th June 2019 – pre-open from ChartProfit
Last week 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.
Market Chart: All major US Market Charts remained negative.
Stocks>50dyma numbers: Nyse 45%, Nasdaq 36%, R2000 38%. Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio finished the week at 17.11. The ratio fell to 11.58 on 06/06, a three month low, having reached 23.93 on the 7th May, a seven month high.
Bonds – TLT: 3rd June 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: The three year poc migrated to 97.00. This is now First Level Support.
Gold: GLD GLD is again testing 127.15, the major VAH, Acceptance (time) at this level rather than rejection (as in February) would be a bullish indication.
Oil: USO – last two weeks 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.
EURUSD: 05/23 printed its lowest level since June 2017. Last week there was a rejected probe of 1.1310, the Major poc Resistance. EURUSD remains in a weak position.
USDJPY: the major poc is at 112.65. Chart is currently in a weak position below that level.
