emini 29th October 2019

Value Areas over the last two weeks have been generated entirely above 2927, the 15mn poc, which is a positive LT sign. More recently Value Areas have been generated above 2989, the 2mn poc which is a positive ST sign. That level is now First Level Support.

Potentially price could struggle above ES 3060 (distribution target) but if price is accepted (time) at, or above that level, it would be a bullish indication.

Stocks>50dyma numbers: Nyse 66% (from 67%), Nasdaq 64% (from 60%), R2000 68% (from 67%). Numbers >50 are supportive.

Sentiment: My version of the Rydex Assets Ratio was lower at 16.49, down from Friday’s 17.67. Previous week the ratio fell to 6.50, the lowest since January.

Bonds – TLT: The three month poc is at 142.50. TLT has been printing below that level for two weeks.
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 is printing below that level today.
Oil: USO is printing back above the 11.41 Resistance (Major poc) in a stronger position but has tested that Support today.
GBPUSD: has rallied strongly recently. Has probed 1.2914, the 1/2R Resistance off 2016 low but did not print significant time above that level.
EURUSD: Early this month printed its lowest level since May 2017. Has rallied strongly from there.