emini Tuesday 20th August 2019
ES has rallied back to print more time at 2927, the 4mn poc, both during Monday’s session and overnight. Price relative to this level is important to monitor. Significant Buying (green) marked above the poc would be a positive sign and indicate a breakout of the recent range. The nearest Support is at 2903, 1/2R off this year’s high.
Stocks>50dyma numbers: Nyse 40% (from 34%), Nasdaq 40% (from 37%), R2000 42% (from 38%) %. Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 18.14. 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 reaching a new high last week.
Dollar Index: w/e 06/14 the three year poc migrated to 97.00 – now Support. Resistance at 99.50, the Major VAH.
Gold: GLD has rallied strongly to its highest level since early 2013 to probe the major Resistance at 143.0, the 1/2R off 2011 high. Time above this level would be a further indication of LT strength.
Oil: USO – Bulls would want to see time printed back above 11.41, the major poc.
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 on last week chart 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 this month the chart printed its lowest level since May 2017.
USDJPY: is printing below 108.90, the major 1/2R off the 2016 low. Room for a rally but this is a weak position.
