S&P 500 emini – 2nd March 2020
see previous highlighted comments. Aggressive Selling (red-at-bottom) was marked three times in last week’s severe sell-off. The 2year poc at 2887 has been tested and Bulls would want to see that hold, or quickly recovered if there is a further test. The next major poc Support is 2719.
Market Charts: All major Market Charts are negative.
Stocks>50dyma numbers: Nyse 5%, Nasdaq 13%, R2000 10%. Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio ended the week at 14.34, a four month low. Down from 24.84 previous week. Would be a positive if the ratio keeps falling, especially if the market rallies.
Bonds – TLT: in early Feb we saw a higher low form above the 1/2R Support off August high and TLT moved strongly higher from there. New high printed at the end of this week.
Dollar Index: Maj VAH at 99.50 was probed again in mid February, as in September. Looks like rejection so far with the dollar lower from there, but acceptance (time) at or above this level would be bullish.
Gold: on Monday GLD printed its highest level since early 2013 but was down 4% by the end of the week even with the stock market having a severe decline. Is gold losing its safe-haven status?
Oil: USO has declined this year and has been printing below 11.41, the major poc, in a weak position. Rallied back mid-February but turned lower from that Resistance and fell heavily to end last week at its lowest level since July ’17.
GBPUSD: mid-Feb the major poc migrated lower, back to 1.2933 (from 1.3128). GBPUSD ended the week below that level in a weak position.
EURUSD: earlier in the year there was a rejected probe above 1.1216, the major poc Resistance. EURUSD declined from there to print its lowest level since April 2017 but has rallied back strongly.
Dollar Index: Maj VAH at 99.50 was probed again in mid February, as in September. Looks like rejection so far with the dollar lower from there, but acceptance (time) at or above this level would be bullish.
Gold: on Monday GLD printed its highest level since early 2013 but was down 4% by the end of the week even with the stock market having a severe decline. Is gold losing its safe-haven status?
Oil: USO has declined this year and has been printing below 11.41, the major poc, in a weak position. Rallied back mid-February but turned lower from that Resistance and fell heavily to end last week at its lowest level since July ’17.
GBPUSD: mid-Feb the major poc migrated lower, back to 1.2933 (from 1.3128). GBPUSD ended the week below that level in a weak position.
EURUSD: earlier in the year there was a rejected probe above 1.1216, the major poc Resistance. EURUSD declined from there to print its lowest level since April 2017 but has rallied back strongly.
