emini Tuesday 25th June 2019
W/e 7th June, the 6mn poc migrated higher to 2887, see previous comments. Value Areas since then have been generated entirely above that level. 2887 is First level Support and as long as ES prints above that price it is in a strong location.
Dayframe: the minor (10day) poc has migrated to 2957. Price relative to this level would be useful to monitor re short term strength/weakness. In the longer timeframe 2887 is First level Support and as long as ES prints above that price it is in a strong location.
Stocks>50dyma numbers: Nyse 51% (from 54%), Nasdaq 39% (from 42%), R2000 36% (from 41%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 21.55. 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: tested 132.80, the maj VAH, over last few days. Possible rejection here but acceptance (time) at this level would be a positive indication.
Dollar Index: w/e 06/14 the three year poc migrated to 97.00. Chart broke below that level last week and is 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 Monday GLD closed above 134 – highest level since 2013.
Oil: USO – recovered back above 11.41, the major poc, Bulls would want to see this level hold now.
GBPUSD: The 1/2R off this year’s low at 1.2910, was broken in mid-May and chart fell sharply from there. Early last week GBPUSD printed its lowest level since early January but has rallied back from there.
EURUSD: at the end of last week EURUSD rallied back above 1.1310, the Major poc, and is now in a stronger position. A higher low above that level would indicate further strength.
USDJPY: the major poc is at 112.65. Chart is currently in a weak position below that level.
