emini 21st February 2019 – pre-open from Chartprofit
See previous, highlighted comments. The last six value Areas have been printed entirely above 2718, the major poc. ES is in a strong LT position if it can hold this Support.
Dayframe: a minor (13day) poc has emerged at 2777.0. Price relative to this level is worth monitoring in the ST re above/below = minor strength/weakness.
Stocks>50dyma numbers: Nyse 87% (unch), Nasdaq 86% (from 87%), R2000 87% (from 88%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was sharply higher at 16.9, a 4month high. 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 eight 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 – has rallied strongly following a higher low in December which found Support at 121.00, the major poc. Spiked higher on Tuesday and on Wednesday printed its highest level since April last year. Strong LT location.
Oil: USO – currently printing above 11.41, the Major Poc. Closed on Wednesday 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. This week the major poc (measured on a 30minute basis) migrated lower to 1.2930. and GBPUSD subsequently jumped. As the chart is now printing above that level it is now in a strong position and that level is now Support
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.
