emini 3rd October 2019 – pre-open from ChartProfit
Tuesday’s Value Area was generated below 2976, the minor (6week) poc and we noted that was “weak ST price action”. Wednesday’s VA was generated below 2927, the more important (15mn) poc. That is further weak price action. ES is not in a strong position if it is below that level.
Stocks>50dyma numbers: Nyse 38% (from 49%), Nasdaq 33% (from 42%), R2000 40% (from 48%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was lower at 18.961. 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.
Dollar Index: w/e 06/14 the three year poc migrated to 97.00 – now Support. Has this week probed the Maj Value Area High at 99.50. Price will often be rejected from these Maj VAHs. However, acceptance of this price (time) would be bullish.
Gold: The 8 month poc migrated to 141.7 earlier in the month and this Resistance was probed on Wednesday. Price above this level would put GLD back in a strong position.
Oil: this week has been printing back below 11.41, the Major POC Support,
GBPUSD: rallied off this month’s low back to probe the 30mn at 1.2481. Currently 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. On Tuesday printed its lowest level since May 2017.
Dollar Index: w/e 06/14 the three year poc migrated to 97.00 – now Support. Has this week probed the Maj Value Area High at 99.50. Price will often be rejected from these Maj VAHs. However, acceptance of this price (time) would be bullish.
Gold: The 8 month poc migrated to 141.7 earlier in the month and this Resistance was probed on Wednesday. Price above this level would put GLD back in a strong position.
Oil: this week has been printing back below 11.41, the Major POC Support,
GBPUSD: rallied off this month’s low back to probe the 30mn at 1.2481. Currently 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. On Tuesday printed its lowest level since May 2017.
