emini 3rd June 2019 – pre-open from ChartProfit
Friday’s value Area was generated entirely below 2776, the 12mn poc, which increases the odds that the major poc at 2718 will be tested, see previous comments. Bulls would want to see 2776 recovered asap. Overnight ES has printed as low as 2731.25.
Market Charts: all major Market Charts remained negative.
Stocks>50dyma numbers: Nyse 25%, Nasdaq 23%, R2000 22%. Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio ended the week at 14.49, a thre month low, having reached 23.93 on the 7th May, a seven month high.
Bonds – TLT: on Friday TLT printed its highest level since November ’16. Looks set to test the maj VAH at 132.80.
Dollar Index: 05/23 printed its highest level since May 2017. In the LT as long as the chart is printing above the major at 94.80 it is in a strong position.
Gold: GLD – price has been ranging around 121, the major poc, since mid-April. Looking for a higher low or a lower high above/below that level.
Oil: USO – on Friday USO closed below 11.41, the Major Poc. This is a weak position and Bulls would hope that TLT recovers this level asap.
GBPUSD: is in a weak position below 1.3130, the maj poc. The Support at 1.2915, the 1/2R off this year’s low, was broken earlier in the month and chart has fallen sharply from there. On Friday GBPUSD printed its lowest level since early January.
EURUSD: last week printed its lowest level since June 2017. Price below 1.1310 keeps the chart in a weak LT position.
USDJPY: the major poc is at 111.17. Chart is currently in a weak position below that level.
HYG: is in a weak position below the major poc. This is a general risk-off indication.
