emini 2nd September 2019 – pre-open from ChartProfit
See Friday’s highlighted comments. Last week the 15mn poc migrated to 2927. Price relative to that level is important to monitor. Pre-open today the high has been 2926.50. Significant Buying (green) marked above the poc would be a positive as would an improvement in Breadth, see numbers below.
Stocks>50dyma numbers: Nyse 39% (from 38), Nasdaq 37% (unch), R2000 36% (from 37%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio ended the week at 16.03. Down from 24.14 on 07/29, a 10month high.
Bonds – TLT: 07/31 TLT spiked above 132.80, the maj Value Area High and has rallied powerfully reaching a new high last week.
Dollar Index: w/e 06/14 the three year poc migrated to 97.00 – now Support. Resistance at 99.50, the Major VAH. Today the Index has broken above the July high.
Gold: GLD has rallied strongly to its highest level since early 2013 and is now printing above 143.0, the 1/2R off 2011 high in a strong position. Time above this level would be a further indication of LT strength.
Oil: USO – is now printing back above 11.41, the major poc. This is a strong position if USO can hold that level.
GBPUSD: The 1/2R off this year’s low at 1.2910, was broken in mid-May and chart fell sharply from there. In July the chart broke below 1.2481, the 30mn poc, and earlier this month chart printed its lowest level since Jan 2017.
EURUSD: in early July the chart broke back below 1.1310, the Major poc which put EURUSD back in a weaker position. Has today printed its lowest level since May 2017.
USDJPY: is printing below 108.90, the major 1/2R off the 2016 low…this is a weak position.
