SP500 emini future 4th September 2019 – from ChartProfit
See Friday’s highlighted comments. Last week the 15mn poc migrated to 2927. Price relative to that level is important to monitor. Pre-open today ES is printing above 2927 in a strong position. Significant Buying (green) marked above the poc would be a positive as would an improvement in Breadth, see numbers below.
Stocks>50dyma numbers: Nyse 35% (from 39%), Nasdaq 32% (from 37%), R2000 32% (from 36%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was lower at 14.0, 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 last week.
Dollar Index: w/e 06/14 the three year poc migrated to 97.00 – now Support. The July high has been tested this week but today the index is printing back below that level.
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 – closed on Tuesday back below 11.41, the major poc. Bulls would want to see USO printing above that important level.
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 Monday printed the lowest level since October 2016.
EURUSD: in early July the chart broke back below 1.1310, the Major poc which put EURUSD back in a weaker position. On Tuesday 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.
