emini 17th May 2019 – pre-open from ChartProfit
During Thursday’s session there was a rejected probe of 2894, the 2mn poc Resistance. Price printing time above this level would be a sign of strength. see Wednesday’s highlighted comments. The v. minor poc (10day) has migrated to 2871 and price relative to this level could be useful to monitor.
Stocks>50dyma numbers: Nyse 46% (from 43%), Nasdaq 45% (from 41%), R2000 49% (from 45%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was lower at 17.98. The ratio recently reached 23.93, a seven month high. On 9th Jan the ratio fell to 5.54, the lowest since July 2016.
Bonds – TLT: 03/28 TLT printed its highest level since December ’17. TLT is currently printing close to that high. In the longer-term as long as TLT holds above the 121 major Support it is in a strong position.
Dollar Index: 04/25 the index reached its highest level since May 2017, breaking above the highs of December and March around 97.7. However that breakout has not held and DXY has printed back below the level of those highs. There has not been a strong rejection to that test and DXY has been consolidating for thre weeks so a reversal at this point seems less likely. In the LT as long as the chart is printing above the major at 94.80 it is in a strong position.
Gold: GLD – has ben printing back above 121, the major poc, for eight days. Chart is in a strong position if it can hold that level.
Oil: USO – tested 11.41, the Major Poc Support on 03/08. Formed a higher low at that Support and rallied strongly. On 04/23 closed at its highest level since October but has retraced from there. First Level Support is at 12.79, the 18mn – USO is currently holding that level.
GBPUSD: is in a weak position below 1.3130, the maj poc. The Support at 1.2915, the 1/2R off this year’s low, was broken earlier in the week and chart has fallen sharply from there.
EURUSD: in April printed its lowest level since June 2017 having broken below March’s low (1.1174). Price below 1.1310 keeps the chart in a weak LT position.
USDJPY: the major poc is at 111.17. Chart is currently in a weak position below that level. Has fallen sharply this month.
