emini 21st June 2019 – pre-open 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 58% (from 53%), Nasdaq 45% (from 43%), R2000 47% (from 45%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was lower at 18.98. Down from 20.46 on a day when the market was strongly higher. That pattern is usually ST bullish. 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 Thursday TLT printed its highest level since November ’16, and probed above 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 in a weaker position.
Gold: I had been writing that “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.” On Thursday GLD spiked above that level.
Oil: USO – on Thursday USO spiked bcak above 11.41, the Major Poc, and is 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: on Thursday and today EURUSD has probed 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 and has today printed its lowest level since the start of the year.
