emini Futures 20th September 2019 – pre-open from ChartProfit
The 1month poc moved higher again to 3000.50. This is now minor Support.
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.
Stocks>50dyma numbers: Nyse 70% (from 72%), Nasdaq 64% (unch), R2000 70% (from 71%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was almost unchganged at 19.67. 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 on Monday on events over the weekend. Has retraced from there. First Support is 11.95, the 1/2R off 2016 low.
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 strongly to probe that poc Resistance. Currently printing almost at 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 on Monday on events over the weekend. Has retraced from there. First Support is 11.95, the 1/2R off 2016 low.
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 strongly to probe that poc Resistance. Currently printing almost at 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.
