emini ES 18th November 2019 – pre-open from ChartProfit
Earlier last week the 1month poc migrated to 3083. I’ve been writing that “Price relative to that level is important to monitor in the ST”. Migration of a poc followed by Support at that level can be a bullish pattern. ES rallied strongly from that pattern, see chart.
Value Areas Value Areas have been generated above 2989, the 2mn poc. That level is First Level LT Support.
Market Charts: all major U.S. Market Charts are positive.
Stocks>50dyma numbers: Nyse 65%, Nasdaq 63%, R2000 64%. Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio ended the week at 16.45. Since the end of October the ratio has fallen as SPX has broken out to new highs. From a contrarian perspective, this is bullish. On 14th Oct the ratio fell to 6.50, the lowest since January.
Bonds – TLT: is printing below 142.50, the 4mn poc in a weak 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”. Chart declined from that high through October and has rallied back to test the 1/2R at 98.4. New trends often start with a rejected test at the 50% retracement so I’m watching price action from here. There is Support at 97.00 (3yr poc) and this has held so far.
Gold: Found Resistance three times recently at 143 (major 1/2R) but declined recently to end last week at its lowest level since early August.
Oil: USO found Support at 11.66, the 2yr poc and closed the week above 11.95, the 1/2R off 2016. A strong location if these level holds. The big Support is at 11.41, the major poc.
GBPUSD: rallied strongly from early October. Has probed 1.2914, the 1/2R Resistance off 2016 low but has not printed significant time above that level. Is currently printing above that level.
EURUSD: In early October chart printed its lowest level since May 2017. Rallied from there but has given back more than half the gain from that low.
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”. Chart declined from that high through October and has rallied back to test the 1/2R at 98.4. New trends often start with a rejected test at the 50% retracement so I’m watching price action from here. There is Support at 97.00 (3yr poc) and this has held so far.
Gold: Found Resistance three times recently at 143 (major 1/2R) but declined recently to end last week at its lowest level since early August.
Oil: USO found Support at 11.66, the 2yr poc and closed the week above 11.95, the 1/2R off 2016. A strong location if these level holds. The big Support is at 11.41, the major poc.
GBPUSD: rallied strongly from early October. Has probed 1.2914, the 1/2R Resistance off 2016 low but has not printed significant time above that level. Is currently printing above that level.
EURUSD: In early October chart printed its lowest level since May 2017. Rallied from there but has given back more than half the gain from that low.
