emini 9th September 2019 – pre-open from ChartProfit
Last three Value Areas were generated entirely above 2927, an indication of strength. As long as ES holds above that level it is in a strong position.
Market Charts: Nyse turned positive, Nasdaq and R2000 turned neutral from negative.
Stocks>50dyma numbers: Nyse 51%, Nasdaq 44%, R2000 44%. Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio ended the week at 15.43. 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 on 08/28. 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 was tested last week but the index is currently printing below that level.
Gold: GLD rallied strongly to its highest level since early 2013 and had been printing above 143.0, the 1/2R off 2011 high, for two weeks. On Friday GLD closed below that Support.
Oil: USO – closed on Friday 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 declined quickly from there. In July the chart broke below 1.2481, the 30mn poc and fell sharply into a low in early August. Last week that August low was re-tested and quickly rejected. GBPUSD has rallied strongly from there.
EURUSD: in early July the chart broke back below 1.1310, the Major poc which put EURUSD back in a weaker position. Last week the chart 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.
