emini 1st August 2019 – pre-open from ChartProfit
Wednesday’s day session close was below 2999, the low on 07/24, which negated any ST bullish implications of that Buying Day, see yesterday’s highlighted comments. ES spent very little time below 2977 (3mn poc) during the day session and pre-open today is printing above it but, as I wrote yestrerday, first sign of weakness on the longer timeframe would be indicated by price printing time below that level, especially with clear negative momentum divergence on the daily chart, see Pulse Chart.
Stocks>50dyma numbers: Nyse 62% (from 68%), Nasdaq 63% (from 68%), R2000 65% (from 71%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was almost unchanged at 23.2. Down from 24.14 on Monday, a 10month high.
Bonds – TLT: has not yet managed to print convincingly above 132.80, the maj Value Area High. Acceptance (time) at this level would be a bullish indication but rejection from a VAH is common.
Dollar Index: w/e 06/14 the three year poc migrated to 97.00. Chart has today printed a new two year high. Major VAH at 99.50.
Gold: On 07/18 GLD printed its highest level since 2013.
Oil: USO – in July USO found Support at 11.41, the major poc. Price above that level is a strong position.
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 the chart broke below 1.2481, the 30mn poc, and has today printed its lowest level since Jan 2017.
EURUSD: early in the month the chart broke back below 1.1310, the Major poc which put EURUSD back in a weaker position and has today printed its lowest level since May 2017.
USDJPY: the major poc is at 112.65. Chart is currently in a weak position below that level.
