emini 1st July 2019 – pre-open from ChartProfit
There was a minor positive indication on Thursday (see Friday’s pre-open comments) that the Value Area that day was generated entirely above 2927.00, the 1mn poc. This was followed by further positive developments on Friday as Aggressive Buying (green-at-top) was marked and the close was above the highs of both Selling days on Thursday and Friday, negating any negative implications of those Selling Imbalances. New short trades are now eliminated for me, at least until Significant Selling (red-at-bottom) is marked again. Breadth numbrs improved.
Market Charts: Nyse remained positive, Nasdaq turned positive, R2000 remained neutral.
Stocks>50dyma numbers: Nyse 62%, Nasdaq 56%, R2000 57%. Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio reached 23.69 on Thursday. The 9month high for the ratio is at 23.93, recorded early May. 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: has been probing 132.80, the maj VAH, over last two weeks and has not seen rejection, so far. 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 on 20th June 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.” Last week GLD printed above 135 to its highest level since 2013. Has retraced from there.
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. 06/18 chart printed its lowest level since early January but has rallied back from there.
EURUSD: 06/21 chart 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.
