ES emini 29th January 2020 – pre-open from ChartProfit
Support at the 3228 poc has not been tested. Currently ES is printing above 3285.50, the 1/2R off this month’s high. This is encouraging but I would want to see Significant Buying (green) being marked before looking at new longs.
Stocks>50dyma numbers: Nyse 49% (from 45%), Nasdaq 49% (from 51%), R2000 49% (from 46%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was almost unchanged at 23.26. On 12/27 the index reached 28.62, the highest reading in my database. Only twice before has the ratio printed above 26. Once in Jan 2018 and the market sold-off quickly, and once in Aug 2018 after which the market traded sideways for a month and then sold-off.
Bonds – TLT: closed on Friday above 141.69, the 1/2R off August high in a stronger position. That level is now Support. Closed on Monday at its highest level since October.
Dollar Index: is today printing above 98.00, the 1/2R off October high, in a stronger position.
Gold: GLD closed on Monday at its highest level since April 2013.
Oil: USO has declined this month and is now printing below the major poc Support at 11.41 in a weak position.
GBPUSD: has held major support at 1.2933 since early December. GBPUSD needs to hold that level to remain in a strong position.
EURUSD: Earlier in the month there was a rejected probe above 1.1216, the major poc Resistance. EURUSD declined from there and is now printing below 1.1058, the 1/2Range off October low, in a weak position.
Dollar Index: is today printing above 98.00, the 1/2R off October high, in a stronger position.
Gold: GLD closed on Monday at its highest level since April 2013.
Oil: USO has declined this month and is now printing below the major poc Support at 11.41 in a weak position.
GBPUSD: has held major support at 1.2933 since early December. GBPUSD needs to hold that level to remain in a strong position.
EURUSD: Earlier in the month there was a rejected probe above 1.1216, the major poc Resistance. EURUSD declined from there and is now printing below 1.1058, the 1/2Range off October low, in a weak position.
