S&P 500 emini 30th January 2020 – pre-open from ChartProfit
During Thursday’s session the 1/2R off this month’s high at 3285.50 (dashed line), was tested but quickly rejected. Pre-open ES is printing close to 3250. I would want to see Significant Buying (green) being marked before looking at new longs. Support at the 3228 poc has not been tested.
Stocks>50dyma numbers: Nyse 46% (from 49%), Nasdaq 49% (unch), R2000 44% (from 49%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was lower at 20.92. 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 Wednesay at its highest level since early October.
Dollar Index: is today printing back below 98.00, the 1/2R off October high.
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 back below 98.00, the 1/2R off October high.
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.
