emini 11th June 2019 – pre-open from ChartProfit
Aggressive Buying (green-at-top) was marked three times last week. The market rallied strongly so this was effective buying. Value Areas on Friday and Monday were generated above 2830, the 6mn poc – this level is now First Level Support.
Stocks>50dyma numbers: Nyse 45% (from 44%), Nasdaq 36% (from 32%), R2000 36% (from 34%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 13.71. The ratio fell to 11.58 on Thursday, a three month low.
Bonds – TLT: last week TLT printed its highest level since November ’16, almost probing the maj VAH at 132.80. Time printed close to that level, rather than rejection, would be a bullish development.
Dollar Index: 05/23 printed its highest level since May 2017 but has sold-off from there, printing a 2month low last week. In the LT as long as the chart is printing above the major at 94.80 it is in a strong position.
Gold: GLD – sharply higher last week. On Friday the major VAH at 127.15 was probed and GLD fell on Monday. Time printed close to that level, rather than rejection, would be a bullish development.
Oil: USO – for seven days USO has been printing below 11.41, the Major Poc. This is a weak position and Bulls would hope that USO recovers this level asap.
GBPUSD: is in a weak position below 1.3130, the maj poc. The 1/2R off this year’s low, was broken earlier in the month and chart fell sharply from there. 05/31 GBPUSD printed its lowest level since early January but has bounced from there.
EURUSD: 05/23 printed its lowest level since June 2017. The Major poc Resistance at 1.1310 is being probed again today.
USDJPY: the major poc is at 112.65. Chart is currently in a weak position below that level.
