emini 2nd December 2019 – pre-open
Earlier in November, the 1month poc migrated to 3083 (now First Level LT Support). ES found Support at that level and rallied strongly.
Dayframe: Aggressive Buying was marked three times last week. The session low of Wednesday’s Buying Day is 3142.25, dotted line. First Sign of weakness in the ST would be a session close below that level, indicating that Buyers had been disrupted.
Market Charts: All major Market Charts remained positive.
Stocks>50dyma numbers: Nyse 65%, Nasdaq 66%, R2000 67%. Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio ended the week at 21.02, a 39 day high. On 14th Oct the ratio fell to 6.50, the lowest since January.
Bonds – TLT: The 5mn poc migrated to 139.95, Price relative to this level would be useful to monitor this coming week.
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 and is printing just below that level today.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: the major Support is at 11.41 (maj poc). USO closed at 11.62 on Friday.
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.
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 and is printing just below that level today.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: the major Support is at 11.41 (maj poc). USO closed at 11.62 on Friday.
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.
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.
