emini 19th June 2019 – pre-open from ChartProfit
Note: we are now following the September contract. Last week the 6mn poc migrated higher to 2887, see previous, highlighted comments. Monday’s and Tuesday’s Value Areas were generated entirely above that level. Time printed below this price would indicate a test of 2830. Also, breadth has improved, see Pulse Chart.
Stocks>50dyma numbers: Nyse 51% (from 45%), Nasdaq 42% (from 36%), R2000 44% (from 37%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was unchanged at 18.28. 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: on Tuesday TLT printed its highest level since November ’16, and probed the maj VAH at 132.80. There is often a fast rejection at a maj VAH. Acceptance (time) at 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. On Tuesday GBPUSD printed its lowest level since early January.
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.
