emini 22nd February 2019 – pre-open from Chartprofit
See previous, highlighted comments. The last seven 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: Thursday’s Value Area was printed below 2777.00, the minor (13day) poc, but pre-open today ES is printing above that level. Price relative to this minor poc is worth monitoring in the ST, i.e. above/below = minor strength/weakness.
Stocks>50dyma numbers: Nyse 86% (from 87%), Nasdaq 86% (unch), R2000 87% (unch). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 17.55, 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: has recently been printing above 121.0, the major poc, but closed very close to that level on Thursday. TLT needs to hold above 121 to maintain its 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 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. The chart is now printing above that level in a stronger 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.
