emini 21st October 2019 – pre-open from ChartProfit
The last seven Value Areas have been generated entirely above 2927, the 15mn poc, which is a positive LT sign. In the shorter timeframe the 2mn poc has migrated to 2989. This level is worth watching for Support/Resistance at the start of this week.
Stocks>50dyma numbers: Nyse 64%, Nasdaq 57%, R2000 65%. Numbers >50 are supportive.
Sentiment: my version of the Rydex Assets Ratio fell sharply last week (Monday) to 6.5 – the lowest reading since the start of the year. Ratio was 6.97 on Friday.
Bonds – TLT: The three month poc is at 142.50. Tlt closed below that level on Friday.
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 Friday.
Oil: USO closed below the 11.41 Resistance (Major poc) on Friday. 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 significant time above that level.
EURUSD: 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 Friday.
Oil: USO closed below the 11.41 Resistance (Major poc) on Friday. 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 significant time above that level.
EURUSD: Early this month printed its lowest level since May 2017. Has rallied strongly from there.
