emini SP500 18th July 2019 – pre-open from ChartProfit
Aggressive Selling was marked again on Wednesday, see yesterday’s comments. In the longer timeframe this is Reactive Selling as it is above First Level Support at 2957.00 (1mn poc). Aggressive Selling marked below that level would be a more important mark from the Sellers.
Stocks>50dyma numbers: Nyse 64% (from 70%), Nasdaq 57% (from 59%), R2000 57% (from 60%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was lower at 20.78. 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: had been probing 132.80, the maj VAH, from mid June and then seemed to have rejected that level with a sharp down day late last week. Chart has recovered though and closed just below 132 on Wednesday.
Dollar Index: w/e 06/14 the three year poc migrated to 97.00. A higher low above that level would be bullish.
Gold: 06/25 GLD printed its highest level since 2013.
Oil: USO – 06/20 the chart recovered back above 11.41, the major poc, a stronger position. This level is now Support.
GBPUSD: The 1/2R off this year’s low at 1.2910, was broken in mid-May and chart fell sharply from there. This week the chart broke below 1.2481, the 30mn poc, and printed its lowest level since April 17. Today is probing that poc Resistance.
EURUSD: early in the month the chart broke back below 1.1310, the Major poc which put EURUSD back in a weaker position.
USDJPY: the major poc is at 112.65. Chart is currently in a weak position below that level.
