S&P 500 emini – pre-open 31st January 2020 from ChartProfit
The S&P 500 emini (ES) is struggling to print time above the 1/2R off this month’s high at 3285.50 (dashed line). Pre-open ES is printing below that level. 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% (unch), Nasdaq 47% (from 49%), R2000 42% (from 44%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 25.22. 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: 141.69, the 1/2R off August high is now Support. TLT closed on Thursday at its highest level since early October.
Dollar Index: is today printing back below 98.00, the 1/2R Resistance 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. Price above that level would be a stronger position.
Dollar Index: is today printing back below 98.00, the 1/2R Resistance 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. Price above that level would be a stronger position.
