emini 30th August 2019 – from ChartProfit
See Thursday’s highlighted comments. Enough time was spent at 2927 on Thursday to lift the 15mn poc to that level. As we know, a migration of a controlling price will often preceed a directional move. If ES remains above 2927 (now Support) odds favour that move being up. Significant Buying (green) marked above the poc would be a positive as would an improvement in Breadth, see numbers below.
Stocks>50dyma numbers: Nyse 38% (from 32%), Nasdaq 37% (from 31%), R2000 37% (from 32%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was lower at 15.98, the lowest since 10th June. 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 this month.
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 and is now printing above 143.0, the 1/2R off 2011 high in a strong position. Time above this level would be a further indication of LT strength.
Oil: USO – is now printing back above 11.41, the major poc in a stronger position.
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 earlier this month 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…this is a weak position.
