emini 25th February 2019 – pre-open from Charftprofit
See previous, highlighted comments. The last eight 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: Friday’s Value Area was printed entirely 2777.00, the minor (15day) poc. Price relative to this minor poc is worth monitoring in the ST, i.e. above/below = minor strength/weakness. Pre-open today ES is printing above 2800.
Market Charts: All major Market Charts remained positive.
Stocks>50dyma numbers: Nyse 88%, Nasdaq 86%, R2000 87%. Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio ended the week at 17.89, a 4 month high. On 9th Jan the ratio fell to 5.54, the lowest since July 2016. Down from 27.5 in early September.
Bonds – TLT: closed on Friday above 121.0, the major poc. TLT needs to hold above this level 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. Strong LT location but GLD reached the major Value Area High (VAH) last week at 127.15. This could cap the upside until the maj poc (currently at 121) migrates higher.
Oil: USO – spent last week printing above 11.41, the Major Poc. This is an important chart. If USO is printing above 11.41 it is a positive for risk-on.
GBPUSD: in December the chart bounced from a second test of 1.2481 (30mn poc) and has rallied. Last 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.
