emini SP500 19th July 2019 – pre-open from ChartProfit
During Thursday’s session the 2mn poc migrated to 2977. This is now First Level Support. A poc level moving like this often precedes a directional move so I am watching this level. Price printing time below 2977 would be a first sign of weakness. The 1mn poc is at 3003 and this is First level Resistance. Price above this level would indicate higher.
Stocks>50dyma numbers: Nyse 65% (from 64%), Nasdaq 59% (from 57%), R2000 59% (from 57%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 21.94. 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 this week..
Dollar Index: w/e 06/14 the three year poc migrated to 97.00. A higher low above that level would be bullish.
Gold: On Thursday 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 and was tested on Thursday.
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. Recovered back above that level on Thursday.
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.
