emini 6th September 2019 – pre-open from ChartProfit
See last Friday’s highlighted comments, above. Last week the 15mn poc migrated to 2927. Price relative to that level is important to monitor. Value Areas on Wednesday and Thursday were printed entirely above 2927, an indication of strength. As long as ES holds above that level it is in a strong position.
Stocks>50dyma numbers: Nyse 49% (from 42%), Nasdaq 44% (from 35%), R2000 44% (from 36%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 15.07. Tuesday’s ratio at 14.0 was the lowest since 10th June. Over the last two weeks the ratio has fallen and the market has rallied. This is usually a positive indication.
Bonds – TLT: 07/31 TLT spiked above 132.80, the maj Value Area High and has rallied powerfully reaching a new high last week. Has retraced a little from there.
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 the index is currently printing below that level.
Gold: GLD has rallied strongly to its highest level since early 2013 and has been printing above 143.0, the 1/2R off 2011 high, for two weeks. On Thursday that Support was tsted.
Oil: USO – closed on Thursday above 11.41, the major poc. Bulls would want to see USO printing time 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 Tuesday printed the lowest level since October 2016. Has rallied back from there.
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. Has rallied a little from there.
USDJPY: is printing below 108.90, the major 1/2R off the 2016 low in a weak position.
