emini 20th February 2019 – from Chartprofit
See previous, highlighted comments. The last five value Areas have been printed entirely above 2718, the major poc. ES is in a strong position if it can hold this Support.
Stocks>50dyma numbers: Nyse 87%, Nasdaq 87%, R2000 88%. Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 12.91. The ratio was 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 seven days 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. Spiked higher on Tuesday to its highest level since April last year. Strong LT location.
Oil: USO – currently printing above 11.41, the Major Poc. Closed on Tuesday 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 has rallied.
EURUSD: Currently printing back above the 1.131 Support, a previous major poc, in a stronger position.
USDJPY: the major poc is at 112.60. Chart is currently printing below that level in a weak LT position (but rallying).
