emini 23rd September 2019 – pre-open from ChartProfit
The 1month poc moved higher at the end of last week 3000.50. Aggressive Selling (red-at-bottom) was marked on Friday and ES finished the week below that level in a ST weak position.
Since 4th September Value Areas have been generated entirely above 2927, an indication of LT strength. As long as ES holds above that level it is in a strong LT position.
Market Charts: Nyse and R2000 stayed positive, Nasdaq turned neutral.
Stocks>50dyma numbers: Nyse 69%, Nasdaq 63%, R2000 70%. Numbers >50 are supportive.
Stocks>50dyma numbers: Nyse 69%, Nasdaq 63%, R2000 70%. Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio ended the week at 18.59. Early in the month the ratio fell to 14.0 which was the lowest since 10th June.
Bonds – TLT: rallied powerfully in August reaching a new high on 08/28. 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: The 8 month poc migrated to 141.7. GLD was up from that level on Friday to reach the major 1/2R at 143.0. Time above that level would be bullish. Interestingly, Cash Gold has 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 early last week on events over the previous weekend. Has retraced from there. First Support is 11.95, the 1/2R off 2016 low.
GBPUSD: has rallied off this month’s low back to probe the 30mn at 1.2481. Currently printing down from that level.
EURUSD: in early July the chart broke back below 1.1310, the Major poc which put EURUSD back in a weaker position. Early this month 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: The 8 month poc migrated to 141.7. GLD was up from that level on Friday to reach the major 1/2R at 143.0. Time above that level would be bullish. Interestingly, Cash Gold has 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 early last week on events over the previous weekend. Has retraced from there. First Support is 11.95, the 1/2R off 2016 low.
GBPUSD: has rallied off this month’s low back to probe the 30mn at 1.2481. Currently printing down from that level.
EURUSD: in early July the chart broke back below 1.1310, the Major poc which put EURUSD back in a weaker position. Early this month the chart printed its lowest level since May 2017.
