S&P 500 emini 6th February 2020 – pre-open from ChartProfit
recap: On Friday the 4mn Support at 3228 was tested and held. On Monday the poc migrated higher to 3249.0. Value Areas on Tue and Wed were higher and Aggressive Buying (green-at-top) was marked yesterday. Significant Buyers were inactive (resting) for twelve days and the Sellers only managed to briefly test First Level Support. First sign of LT weakness would now be Effective Selling marked below 3249.0. Breadth numbers improved yesterday, see below.
Stocks>50dyma numbers: Nyse 55% (from 46%), Nasdaq 55% (from 49%), R2000 50% (from 42%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 25.59. 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 at its highest level since early October but has sold off from there. The 1/2R off August high, at 141.69, is now First Level Support.
Dollar Index: is today printing above 98.0, the 1/2R Resistance off Oct high, in a strong position.
Gold: GLD closed on Friday at its highest level since April 2013 but has retraced from there.
Oil: USO has declined this year and is now printing below the major poc Support at 11.41 in a weak position.
GBPUSD: The major poc has migrated to 1.3128. GBPUSD is printing below that level today. Note also the minor Resistance at the 1/2R off Dec high at 1.3208, which turned GBPUSD lower this week.
EURUSD: Earlier in the month there was a rejected probe above 1.1216, the major poc Resistance. EURUSD declined from there and is today printing below 1.1058, the 1/2Range off October low in a weaker position.
Dollar Index: is today printing above 98.0, the 1/2R Resistance off Oct high, in a strong position.
Gold: GLD closed on Friday at its highest level since April 2013 but has retraced from there.
Oil: USO has declined this year and is now printing below the major poc Support at 11.41 in a weak position.
GBPUSD: The major poc has migrated to 1.3128. GBPUSD is printing below that level today. Note also the minor Resistance at the 1/2R off Dec high at 1.3208, which turned GBPUSD lower this week.
EURUSD: Earlier in the month there was a rejected probe above 1.1216, the major poc Resistance. EURUSD declined from there and is today printing below 1.1058, the 1/2Range off October low in a weaker position.
