emini 13th August 2019 – pre-open from ChartProfit
Thursday’s Buying day low was broken on Monday negating any ST bullish implications of that Buying imbalance. The 15mn Support at 2887 was also broken (see yesterday’s comments) and pre-open today ES prints below that level in a weak position. Aggressive Selling (red-at-bottom) was marked and daily technicals remain weak with negative (red) Breadth and Momentum indicators on the Pulse Chart.
Stocks>50dyma numbers: Nyse 36% (from 41%), Nasdaq 36% (from 41%), R2000 38% (from 43%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was almost unchanged at 19.39. Down from 24.14 on 07/29, a 10month high.
Bonds – TLT: 07/31 TLT spiked above 132.80, the maj Value Area High and has rallied powerfully. approaching the 2016 high on Monday.
Dollar Index: w/e 06/14 the three year poc migrated to 97.00 – now Support. Earlier in the month DXY printed a two year high but retraced from there. Major VAH at 99.50.
Gold: GLD has rallied strongly to its highest level since early 2013. On Monday the Resistance at 143.0, the 1/2R off 2011 high, was probed. Time above this level would be a further indication of LT strength.
Oil: USO – every day last week (and Monday) USO closed below 11.41, the major poc. Bulls would want to see recovery back above that level asap. That Resistance was probed on Monday.
GBPUSD: The 1/2R off this year’s low at 1.2910, was broken in mid-May and chart fell sharply from there. In July the chart broke below 1.2481, the 30mn poc, and on Monday printed its lowest level since Jan 2017.
EURUSD: in early July the chart broke back below 1.1310, the Major poc which put EURUSD back in a weaker position. Earlier in the month the chart printed its lowest level since May 2017. Has rallied back from there.
USDJPY: the major poc is at 112.65. Chart is currently in a weak position below that level.
