emini 24th September 2019 – pre-open from ChartProfit
The 1month poc moved higher at the end of last week to 3000.50. That level was probed late in Monday’s session, see chart, following an early rejected test of Monday’s red-at-bottom low. Pre-open today ES is printing time above that Resistance in a ST strong position. Price above 3017.50, Friday’s high, would negate any ST negative implications of that Aggressive Selling day.
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.
Stocks>50dyma numbers: Nyse 69% (unch), Nasdaq 64% (from 63%), R2000 70% (unch). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was almost unchanged 18.35. 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 and on Monday closed above 143.0, the major 1/2R. Time above this level would be bullish. Interestingly, Cash Gold tested and held its equivalent 1/2R Support at 1483.
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 and on Monday closed above 143.0, the major 1/2R. Time above this level would be bullish. Interestingly, Cash Gold tested and held its equivalent 1/2R Support at 1483.
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.
