emini 7th March 2019 – pre-open from Chartprofit
The 3month poc migrated slightly lower to 2785.5. Price relative to this level is now important to monitor re ST strength/weakness. Wednesday’s Value Area was generated entirely below that level. Pre-open today ES is printing below 2770.
Stocks>50dyma numbers: Nyse 73% (from 80%), Nasdaq 71% (from 77%), R2000 69% (from 77%) Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 18.68, 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: Last week TLT broke below 121.0, the major poc. This is a weak position. There is 1/2R Support at 119.9 (off November low).
Dollar Index: as long as DXY prints above 94.80, the major poc, it is in a strong LT price location. In the ST, chart is printing above 96.38 (the minor 1/2R off December high) and this is First Level Support.
Gold: GLD – previously I wrote that GLD had reached the major Value Area High (VAH) at 127.15 and said that “this could cap the upside until the maj poc (currently at 121) migrates higher”. GLD has fallen sharply since then and is printing close to the 121 Support.
Oil: USO – has been 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: The major poc (measured on a 30minute basis) has migrated back up to 1.3130. GBPUSD now needs to hold this level to remain in a strong location.
EURUSD: the Maj Support is at 1.131 (maj poc). EURUSD needs to hold this Support to remain in a strong location. Is currently printing very close to this level.
USDJPY: the major poc is at 112.60. Chart is rallying back towards that Resistance.
