emini 18th September 2019 – pre-open from ChartProfit
Since 4th September Value Areas have been generated entirely above 2927, an indication of strength. As long as ES holds above that level it is in a strong position. Aggressive Buying (green) was marked last week, a further indication of strength.
Dayframe: The1month poc is now at 2981.50. This is minor Support.
Stocks>50dyma numbers: Nyse 73% (unch), Nasdaq 65% (from 66%), R2000 73% (from 74%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 20.26. Previous week the ratio fell to 14.0 which was the lowest since 10th June.
Bonds – TLT: TLT rallied powerfully in August reaching a new high on 08/28. Has retraced sharply from there.
Dollar Index: w/e 06/14 the three year poc migrated to 97.00 – now Support. Early this month the July high was tested but the index is currently printing below that level.
Gold: Earlier this month GLD rallied strongly to its highest level since early 2013. Retraced from there and is now printing below 143.0, the 1/2R off 2011 high, in a weaker position. Bulls would want to see time being printed back above that level. Interestingly, last week Cash Gold tested and held its equivalent 1/2R Support at 1483. I’m looking for the position of both charts to line up here and confirm.
Oil: spiked higher yesterday on events over the weekend. Cash is currently holding near the highs of yesterday’s range.
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. This month GBPUSD has rallied back to probe that poc Resistance. Currently printing below that level.
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.
Dollar Index: w/e 06/14 the three year poc migrated to 97.00 – now Support. Early this month the July high was tested but the index is currently printing below that level.
Gold: Earlier this month GLD rallied strongly to its highest level since early 2013. Retraced from there and is now printing below 143.0, the 1/2R off 2011 high, in a weaker position. Bulls would want to see time being printed back above that level. Interestingly, last week Cash Gold tested and held its equivalent 1/2R Support at 1483. I’m looking for the position of both charts to line up here and confirm.
Oil: spiked higher yesterday on events over the weekend. Cash is currently holding near the highs of yesterday’s range.
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. This month GBPUSD has rallied back to probe that poc Resistance. Currently printing below that level.
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.
