emini futures 8th July 2019 – pre-open from ChartProfit
Following the Aggressive Buying (green-at-top) on 06/28, ES has printed higher and held these levels. In the LT, First Level Support is at 2927.00, the 1month poc. As long as price holds this level it is in a strong location.
Market Charts: All major Market Charts are positive.
Stocks>50dyma numbers: Nyse 69%, Nasdaq 64%, R2000 64%. Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio ended the week at 23.75. The 9month high for the ratio is close 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 but is now printing back above that level in a stronger position.
Gold: 06/25 GLD printed its highest level since 2013.
Oil: USO – 06/20 the chart 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. On Friday chart printed below the June low to its lowest level since early January.
EURUSD: on Monday chart broke back below 1.1310, the Major poc which put EURUSD back in a weaker position. Sharply lower on Friday.
USDJPY: the major poc is at 112.65. Chart is currently in a weak position below that level.
