emini ES_F 5th November 2019 – pre-open

Value Areas Value Areas have been generated above 2989, the 2mn poc which is a positive sign. That level is now First Level Support.

ES reached the distribution target at 3060, see comment 29th Oct. There is the possibility of rejection above that price but no sign of that so far. Acceptance (time) at, or above that level, it would be a bullish indication. Equivalent level for SPY is 307.50.

Stocks>50dyma numbers: Nyse 71% (from 68%), Nasdaq 69% (from 68%), R2000 72% (from 71%). Numbers >50 are supportive.

Sentiment: My version of the Rydex Assets Ratio was lower at 17.56, this as SPX breaks out. On 14th Oct the ratio fell to 6.50, the lowest since January.

Bonds – TLT: The three month poc is at 142.50 = Resistance. Price above that level would put TLT back in a stronger location.
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 above that level on Monday. Price above 143 (major 1/2R) would put GLD in a strong position.
Oil: USO closed strong on Friday back above the 11.41 Major poc = stronger position.
GBPUSD: has rallied strongly recently. Has probed 1.2914, the 1/2R Resistance off 2016 low but has not printed significant time above that level.
EURUSD: Early this month printed its lowest level since May 2017. Has rallied strongly from there.