emini SP500 11th October 2019
Thursday’s Value Area was generated entirely above 2927, the 15mn poc. This is encouraging. You can also see from the chart that Support was found at the poc intraday. Significant Buying marked above 2927 would be a further positive and an improvement in the Breadth numbers, see below.
Stocks>50dyma numbers: Nyse 45% (from 39%), Nasdaq 41% (from 37%), R2000 44% (from 41%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was unchanged 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 short term Support was probed on Thursday and futures indicate that TLT will open below level today.
Dollar Index: last week probed the Maj Value Area High at 99.50. Price will often be rejected from these Maj VAHs, and it has that look about it so far, but acceptance of this price (time) would be bullish.
Gold: The 8 month poc migrated to 141.7 earlier in the month. GLD closed below this level on Thursday and Cash Gold indicates that GLD will open below that level today.
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. Retraced from there but on Thursday and today GBPUSD has spike strongly.
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, and it has that look about it so far, but acceptance of this price (time) would be bullish.
Gold: The 8 month poc migrated to 141.7 earlier in the month. GLD closed below this level on Thursday and Cash Gold indicates that GLD will open below that level today.
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. Retraced from there but on Thursday and today GBPUSD has spike strongly.
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.
