emini 15th July 2019 – pre-open from ChartProfit
Aggressive Buying (green-at-top) was marked again on Friday. In an uptrend, the low of an Aggressive Buying day will usually hold. A close below Friday’s low 3005 would be the first indication of weakness but First Level Support is at 2957.00 the 1mn poc.
Market Charts: All U.S. Market Charts remained positive. The UK Market Chart turned neutral.
Stocks>50dyma numbers: Nyse 72%, Nasdaq 63%, R2000 63%. Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio ended the week at 19.87. The market was higher this week and the ratio lower – not usually a bearish pattern in the ST. The 9month high for the ratio is close at 23.93, recorded early May. The ratio fell to 11.58 on 06/06, a three month low, having reached 23.93 on the 7th May, a seven month high.
Bonds – TLT: had been probing 132.80, the maj VAH, over last two weeks and now seems to have rejected that level with a sharp down day on Thursday.
Dollar Index: w/e 06/14 the three year poc migrated to 97.00. A higher low above that level would bve bullish.
Gold: 06/25 GLD printed its highest level since 2013.
Oil: USO – 06/20 the chart recovered back above 11.41, the major poc, a stronger position and Friday closed above 12.20 (1/2R off this year’s high).
GBPUSD: The 1/2R off this year’s low at 1.2910, was broken in mid-May and chart fell sharply from there. Last week chart tested 1.2481, the 30mn poc, and has bounced from that Support as it did in January. Price printing time below that poc would be a bearish development.
EURUSD: early in the month the chart broke back below 1.1310, the Major poc which put EURUSD back in a weaker position.
USDJPY: the major poc is at 112.65. Chart is currently in a weak position below that level.
