emini SP500 10th October 2019 – pre-open
Value Areas on Tuesday and Wednesday were generated entirely below 2927, the 15mn poc. During Wednesday’s session that Resistance was probed, see chart, but until time is printed above the poc this is weak location. We also need to see improvement in both Breadth and daily Price Momentum, see today’s Pulse Chart.
Stocks>50dyma numbers: Nyse 39% (from 35%), Nasdaq 37% (from 34%), R2000 41% (from 37%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was sllightly higher at 15.00. In early September the ratio fell to 14.0 which was the lowest since 10th June when the ratio fell to 11.59.
Bonds – TLT: The three month poc 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 just above this level on Wednesday.
Oil: spent last week (and this, so far) 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 and is today printing below 1.2270, the minor 1/2R off Sep low, in a weak position.
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. Has rallied from there.
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 just above this level on Wednesday.
Oil: spent last week (and this, so far) 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 and is today printing below 1.2270, the minor 1/2R off Sep low, in a weak position.
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. Has rallied from there.
