emini 18th October 2019 – pre-open from ChartProfit
The last six 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 66% (from 61%), Nasdaq 60% (from 56%), R2000 67% (from 60%). 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 7.27 on Thursday.
Bonds – TLT: The three month poc is at 142.50. Tlt closed below that level on Thursday.
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. There is Support at 97.00, the 3yr poc.
Gold: The 8 month poc migrated to 141.7 earlier in the month. GLD closed below this level on Thursday.
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. Has probed 1.2914, the 1/2R Resistance off 2016 low but has yet to print time above that level.
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. There is Support at 97.00, the 3yr poc.
Gold: The 8 month poc migrated to 141.7 earlier in the month. GLD closed below this level on Thursday.
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. Has probed 1.2914, the 1/2R Resistance off 2016 low but has yet to print time above that level.
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.
