emini 2nd August 2019 – pre-open from ChartProfit
An early rally on Thursday was wiped out following the announcement of further trade tariffs. Most time during the session was opent below 2977, the 3mn poc (see Wednesday’s comments) which leaves ES in a weak position. Aggressive Selling (red-at-bottom) was marked, which means new longs are eliminated for me at least until Significant Buying (green) is marked again. Support is at 2887.0, the 15mn poc. Unless ES recovers quickly above 2977 I will assume that 2887 wiull be tested.
Stocks>50dyma numbers: Nyse 50% (from 62%), Nasdaq 56% (from 63%, R2000 55% (from 65%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was lower at 20.80. Down from 24.14 on Monday, a 10month high.
Bonds – TLT: on Thursday TLT spiked above 132.80, the maj Value Area High to close at its highest level since October 2016.
Dollar Index: w/e 06/14 the three year poc migrated to 97.00. On Thursday chart printed a two year high. Major VAH at 99.50.
Gold: On 07/18 GLD printed its highest level since 2013. Thursday’s close was close to that level.
Oil: USO – in mid July USO found Support at 11.41, the major poc but closed below that important level 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. Last week the chart broke below 1.2481, the 30mn poc, and on Thursday printed its lowest level since Jan 2017.
EURUSD: early in the month the chart broke back below 1.1310, the Major poc which put EURUSD back in a weaker position and on Thursday chart printed its lowest level since May 2017.
USDJPY: the major poc is at 112.65. Chart is currently in a weak position below that level.
