emini 31st July 2019 – pre-open from ChartProfit
Aggressive Buying was marked twice last week. A day-session close below Wednesday’s low at 2999 would negate the ST bullish implications of that Buying Day. The last five Value Areas have all been generated above the minor Support at 3000 (1mn poc) which is a positive. First sign of weakness on the longer timeframe would be indicated by price printing time below 2977 (3mn poc). Since the minor poc migrated to 2977 price has held that Support, see highlighted comments 19th July.
Stocks>50dyma numbers: Nyse 68% (from 65%), Nasdaq 68% (from 63%), R2000 71% (from 65%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was lower at 23.2. Down from 24.14 on Monday, a 10month high.
Bonds – TLT: has not yet managed to print convincingly above 132.80, the maj Value Area High. Acceptance (time) at this level would be a bullish indication but rejection from a VAH is common.
Dollar Index: w/e 06/14 the three year poc migrated to 97.00. Chart is currently printing above that level and close to the highs of April/May.
Gold: On 07/18 GLD printed its highest level since 2013. Closed on Tuesday close to that level.
Oil: USO – in July USO found Support at 11.41, the major poc. Price above that level is a strong position.
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. Last week chart reached a two year low.
USDJPY: the major poc is at 112.65. Chart is currently in a weak position below that level.
