emini 19th February 2019 – pre-open from Chartprofit
The last four value Areas have been printed entirely above 2718, the major poc. ES is in a strong position if it can hold this Support. Once again the pattern of strength at the end of the week was evident, see highlighted comments from 14th Jan.
Stocks>50dyma numbers: Nyse 87%, Nasdaq 86%, R2000 88%. Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio ended the week at 11.70. Down last week as the market rallied, not usually bearish in th ST. On 9th Jan the ratio fell to 5.54, the lowest since July 2016. Down from 27.5 in early September.
Bonds – TLT: spent last week printing above 121.0, the major poc, and found
Support at that level. As long as chart holds 121 it is in a strong
position.
Dollar Index: as long as DXY prints above 94.80, the major poc, it is in a strong LT price location.
Gold: GLD – rallied strongly at the end of last month following a higher low in December which found Support at 121.00, the major poc. Strong LT location.
Oil: USO – currently printing above 11.41, the Major Poc. Closed on Friday at its highest level since November. This is an important chart. Price printing time above 11.41 would be a positive for risk-on.
GBPUSD: in December the chart bounced from a second test of 1.2481 (30mn poc) and printed sharply higher. Has retraced from there.
EURUSD: Currently printing below the 1.131 Support, a previous major poc.
USDJPY: the major poc is at 112.60. Chart is currently printing below that level in a weak LT position (but rallying).
