emini 21st June 2019 – pre-open from ChartProfit
During Thursday’s session there was a rejected probe of 2894, the 2mn poc Resistance. Price fell from there. In the short term if price is printing below 2871, the minor (13day) poc, it is in a weak position. Price relative to this level could be useful to monitor. Pre-open today ES has printed above 2860. There is Support at 2821, the 5mn poc.
Market Charts: All major U.S. market Charts turned negative this week.
Stocks>50dyma numbers: Nyse 38% (from 42%), Nasdaq 38% (from 39%), R2000 40% (unch). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was almost unchanged at 17.56, having reached 23.93 on the 7th May, a seven month high. On 9th Jan the ratio fell to 5.54, the lowest since July 2016.
Bonds – TLT: 03/28 TLT printed its highest level since December ’17. TLT is closed on Friday close to that high. In the longer-term as long as TLT holds above the 121 major Support it is in a strong position.
Dollar Index: 04/25 the index reached its highest level since May 2017, breaking above the highs of December and March around 97.7. However that breakout has not held and DXY has printed back below the level of those highs. There has not been a strong rejection to that test and DXY has been consolidating for three weeks so a reversal at this point seems less likely. In the LT as long as the chart is printing above the major at 94.80 it is in a strong position.
Gold: GLD – closed on Friday and Monday below 121, the major poc.
Oil: USO – tested 11.41, the Major Poc Support on 03/08. Formed a higher low at that Support and rallied strongly. On 04/23 closed at its highest level since October but has retraced from there. First Level Support is at 12.79, the 18mn – USO is currently holding that level.
GBPUSD: is in a weak position below 1.3130, the maj poc. The Support at 1.2915, the 1/2R off this year’s low, was broken early last week and chart has fallen sharply from there. Today has printed its lowest level since 15th January.
EURUSD: in April printed its lowest level since June 2017 having broken below March’s low (1.1174). Price below 1.1310 keeps the chart in a weak LT position.
USDJPY: the major poc is at 111.17. Chart is currently in a weak position below that level.
