emini 22nd 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. Yesterday’s session close was just above that leve. The minor poc at 3083 is First Level Support.
Dayframe: The v.min (9day) poc migrated to 3107.50. Price relative to that level today will give an indication of ST strngth/eakness.
Stocks>50dyma numbers: Nyse 57% (from 59%), Nasdaq 56% (from 58%), R2000 56% (from 59%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was slightly higher at 19.64. On 14th Oct the ratio fell to 6.50, the lowest since January.
Bonds – TLT: is printing below 142.50, the 4mn poc Resistance in a weak LT location. There is closer Resistance at 141.67, the 1/2R off Aug high.
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) and declined from there to its lowest level since early August.
Oil: USO declined sharply on Tuesday to test 11.66, the 2yr poc, but rallied from there to close on Thursday above 11.95, 1/2R off 2016 low, in a strong position.
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. Lower today.
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) and declined from there to its lowest level since early August.
Oil: USO declined sharply on Tuesday to test 11.66, the 2yr poc, but rallied from there to close on Thursday above 11.95, 1/2R off 2016 low, in a strong position.
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. Lower today.
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.
