emini 19th August 2019 – pre-open from ChartProfit
ES recovered on Friday and most time in the session was spent at 2887, the 15mn poc. Over the last ten days Significant Buyers have been marked once and Sellers three times. Sellers have been more active but the market hasn’t broken lower, rather it’s been ranging over that period. Pre-open today ES has printed above 2920, towards the top of that range. A conclusion could be that in the longer timeframe the Sellers have not been particularly “effective” and Buyers could take back control here if Significant Buying is marked above 2887 (now Support). In any event, Technicals (see Pulse Chart) are not currently supportive and need to improve.
Market Charts: All major Market Charts remained negative.
Stocks>50dyma numbers: Nyse 34%, Nasdaq 37%, R2000 38%. Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio ended the week at 17.65. 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 reaching a new high last week.
Dollar Index: w/e 06/14 the three year poc migrated to 97.00 – now Support. Resistance at 99.50, the Major VAH.
Gold: GLD has rallied strongly to its highest level since early 2013 and is probing the major Resistance at 143.0, the 1/2R off 2011 high. Time above this level would be a further indication of LT strength.
Oil: USO – Bulls would want to see time printed back above 11.41, the major poc.
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 last week chart 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 this month the chart printed its lowest level since May 2017.
USDJPY: is printing below 108.90, the major 1/2R off the 2016 low. Room for a rally but this is a weak position.
