emini SP500 17th October 2019 – pre-open from ChartProfit
The last five Value Areas have been generated entirely above 2927, the 15mn poc, which is a positive sign. ES is in a strong position if it holds that Support. A further positive would be Significant Buying marked above that poc.
Stocks>50dyma numbers: Nyse 61% (from 62%), Nasdaq 56% (unch), R2000 60% (from 59%). Numbers >50 are supportive.
Sentiment: my version of the Rydex Assets Ratio fell sharply on Monday to 6.5 – the lowest reading since the start of the year. Ratio was 6.84 on Wednesday.
Bonds – TLT: The three month poc is at 142.50. Tlt closed below that level on Wednesday.
Dollar Index: on 10/01 DXY probed the Maj Value Area High at 99.50. As I wrote at the time “price will often be rejected from these Maj VAHs” – and it has that look about it so far.
Gold: The 8 month poc migrated to 141.7 earlier in the month. GLD closed below this level on Wednesday.
Oil: USO closed below the 11.41 Resistance (Major poc). Weak position.
GBPUSD: rallied strongly at the end of last week and again this week. Is now printing well above 1.2481, the 30mn poc (now Support) in a strong position.
EURUSD: in early July the chart broke back below 1.1310, the Major poc which put EURUSD back in a weaker LT position. Early this month printed its lowest level since May 2017. Has rallied strongly from there.
Dollar Index: on 10/01 DXY probed the Maj Value Area High at 99.50. As I wrote at the time “price will often be rejected from these Maj VAHs” – and it has that look about it so far.
Gold: The 8 month poc migrated to 141.7 earlier in the month. GLD closed below this level on Wednesday.
Oil: USO closed below the 11.41 Resistance (Major poc). Weak position.
GBPUSD: rallied strongly at the end of last week and again this week. Is now printing well above 1.2481, the 30mn poc (now Support) in a strong position.
EURUSD: in early July the chart broke back below 1.1310, the Major poc which put EURUSD back in a weaker LT position. Early this month printed its lowest level since May 2017. Has rallied strongly from there.
