emini 12th August 2019 from ChartProfit
The high of an Aggressive Buying day is usually re-tested (80%) within two sessions. That didn’t happen in Friday’s session and pre-open today ES is printing close to Thursday’s Buying day low (2892.50). If ES prints below that low it negates any ST bullish implications of that Buying day. Bulls would want to see the 15mn Support at 2887, hold. Time below that Support would indicate a retest of last Monday’s weak low, see Thursday’s comments. Daily technicals still need to improve, see Pulse Chart.
Market Charts: All majoe Market Charts remained negative.
Stocks>50dyma numbers: Nyse 41%, Nasdaq 41%, R2000 43%. Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio ended the week at 19.06. Down from 24.14 on 07/29, a 10month high.
Bonds – TLT: 07/31 TLT spiked above 132.80, the maj Value Area High and has rallied powerfully. On Wednesday approached the 2016 high.
Dollar Index: w/e 06/14 the three year poc migrated to 97.00 – now Support. Earlier in the month DXY printed a two year high but retraced from there. Major VAH at 99.50.
Gold: GLD has rallied strongly and is close to probing the Resistance at 143.0, the 1/2R off 2011 high.
Oil: USO – every day last week closed below 11.41, the major poc. Bulls would want to see recovery back above that level asap.
GBPUSD: The 1/2R off this year’s low at 1.2910, was broken in mid-May and chart fell sharply from there. In July the chart broke below 1.2481, the 30mn poc, and last week printed its lowest level since Jan 2017.
EURUSD: in early July the chart broke back below 1.1310, the Major poc which put EURUSD back in a weaker position. Earlier in the month the chart printed its lowest level since May 2017. Has rallied back from there.
USDJPY: the major poc is at 112.65. Chart is currently in a weak position below that level.
