emini 20th November 2019 – pre-open from ChartProfit
Early last week the 1month poc migrated to 3083. ES found Support at that level and rallied strongly. Aggressive Buying was marked on Friday and the session low of that Buying Day is 3103.25, dotted line. First Sign of weakness in the ST would be a session close below that level, indicating that Buyers had been disrupted. The minor poc at 3083 is First Level Support.
Stocks>50dyma numbers: Nyse 62% (from 63%, Nasdaq 61% (from 59%), R2000 61% (unch). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was almost unchanged at 17.16. On 14th Oct the ratio fell to 6.50, the lowest since January.
Bonds – TLT: is printing below 142.50, the 4mn poc in a weak LT location.
Dollar Index: on 10/01 DXY probed the Maj Value Area High at 99.50. As I wrote at the time “price will often be rejected from these Maj VAHs”. Chart declined from that high through October and has rallied back to test the 1/2R at 98.4. New trends often start with a rejected test at the 50% retracement so I’m watching price action from here. There is Support at 97.00 (3yr poc) and this has held so far.
Gold: Found Resistance three times recently at 143 (major 1/2R) but declined recently to end last week at its lowest level since early August.
Oil: USO declined sharply on Tuesday and closed below 11.66 the 2yr poc. The big Support is at 11.41, the major poc.
GBPUSD: rallied strongly from early October. Has probed 1.2914, the 1/2R Resistance off 2016 low but has not printed significant time above that level.
EURUSD: In early October chart printed its lowest level since May 2017. Rallied from there but has given back more than half the gain from that low.
Dollar Index: on 10/01 DXY probed the Maj Value Area High at 99.50. As I wrote at the time “price will often be rejected from these Maj VAHs”. Chart declined from that high through October and has rallied back to test the 1/2R at 98.4. New trends often start with a rejected test at the 50% retracement so I’m watching price action from here. There is Support at 97.00 (3yr poc) and this has held so far.
Gold: Found Resistance three times recently at 143 (major 1/2R) but declined recently to end last week at its lowest level since early August.
Oil: USO declined sharply on Tuesday and closed below 11.66 the 2yr poc. The big Support is at 11.41, the major poc.
GBPUSD: rallied strongly from early October. Has probed 1.2914, the 1/2R Resistance off 2016 low but has not printed significant time above that level.
EURUSD: In early October chart printed its lowest level since May 2017. Rallied from there but has given back more than half the gain from that low.
