emini 20th June 2019 – from ChartProfit
Last week the 6mn poc migrated higher to 2887, see previous, highlighted comments. Value Areas this week have all been generated entirely above that level. Time printed below this price would indicate a test of 2830.
Stocks>50dyma numbers: Nyse 53% (from 51%), Nasdaq 43% (from 42%), R2000 45% (from 44%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 20.46. 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 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. Chart is printing below that level today in a weaker position.
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 – is today printing back above 11.41, the Major Poc, in a stronger position.
GBPUSD: is in a LT weak position below 1.3130, the maj poc. The 1/2R off this year’s low, was broken in mid-May and chart fell sharply from there. On Tuesday GBPUSD printed its lowest level since early January but has rallied back since then.
EURUSD: has today rallied back to probe 1.1310, the Major poc Resistance. Price printing time above that level would be a stronger position.
USDJPY: the major poc is at 112.65. Chart is currently in a weak position below that level.
