emini 28th June 2019 – pre-open from ChartProfit
I marked Aggressive Selling (red-at-bottom) on Tue and Wed and therefore new long trades are eliminated for me, at least until Significant Buying (green) is marked again. However, there was a minor positive indication on Thursday as the Value Area was generated entirely above 2927.00, the 1mn poc, see yesterday’s comments. Price printing time back below 2927 would indicate a test of 2887 (6mn Support) and price below 2887 would be a weaker location in the longer timeframe.
Stocks>50dyma numbers: Nyse 54% (from 47%), Nasdaq 47% (from 37%), R2000 45% (from 34%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was almost unchanged at 23.69. The 9month high for the ratio is at 23.93, recorded early May. The ratio fell to 11.58 on 06/06, a three month low, having reached 23.93 on the 7th May, a seven month high.
Bonds – TLT: has been probing 132.80, the maj VAH, over last few days. Possible rejection here but acceptance (time) at this level would be a positive indication.
Dollar Index: w/e 06/14 the three year poc migrated to 97.00. Chart broke below that level last week and is in a weaker position.
Gold: I had been writing that “GLD is again testing 127.15, the major VAH, Acceptance (time) at this level rather than rejection (as in February) would be a bullish indication.” On Tuesday GLD closed above 134 at its highest level since 2013.
Oil: USO – recovered back above 11.41, the major poc, Bulls would want to see this level hold now.
GBPUSD: The 1/2R off this year’s low at 1.2910, was broken in mid-May and chart fell sharply from there. Early last week GBPUSD printed its lowest level since early January but has rallied back from there.
EURUSD: at the end of last week EURUSD rallied back above 1.1310, the Major poc, and is now in a stronger position. A higher low above that level would indicate further strength.
USDJPY: the major poc is at 112.65. Chart is currently in a weak position below that level.
