emini 7th October 2019 – pre-open from ChartProfit
Value Areas on Wednesday and Thursday last week were generated below 2927, the 15mn poc. I wrote that “Bulls would want to see that level recovered as soon as possible” and that is what happened with Friday’s Value Area being generated above the poc. Also Aggressive Buying was marked on Friday which is another minor positive. ES needs to hold 2927 now. Further positives would be an improvement in the Breadth numbers, see below, and daily Price Momentum ticking up, see Pulse Chart.
Market Charts: Nyse turned negative, Nasdaq & R2000 remained negative.
Stocks>50dyma numbers: Nyse 50%, Nasdaq 45%, R2000 49%. Numbers >50 are supportive.
Stocks>50dyma numbers: Nyse 50%, Nasdaq 45%, R2000 49%. Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio ended the week at 17.05. In early September the ratio fell to 14.0 which was the lowest since 10th June.
Bonds – TLT: The three month poc has migrated to 142.50. This is now short term Support.
Dollar Index: last 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. GLD closed above this Resistance on Friday and Bulls would want to see this level hold.
Oil: spent last week printing back below 11.41, the Major poc.
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. Last week printed its lowest level since May 2017.
Dollar Index: last 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. GLD closed above this Resistance on Friday and Bulls would want to see this level hold.
Oil: spent last week printing back below 11.41, the Major poc.
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. Last week printed its lowest level since May 2017.
