emini 7th November 2019 – pre-open from ChartProfit
Value Areas Value Areas have been generated above 2989, the 2mn poc. That level is First Level LT Support.
In the shorter term ES is generating Value Areas above 3038.00 (minor poc) which is a positive sign. This is First Level ST Support.
ES reached the distribution target at 3060, see comment 29th Oct. There is the possibility of rejection above that price but no sign of that so far. Acceptance (time) at, or above that level, it would be a bullish indication. Equivalent level for SPY is 307.50.
Stocks>50dyma numbers: Nyse 68% (from 69%), Nasdaq 66% (from 69%), R2000 69% (from 71%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 18.11. On 14th Oct the ratio fell to 6.50, the lowest since January.
Bonds – TLT: The three month poc is at 142.50 = Resistance. Since 10th Oct TLT has been printing below that level and has fallen sharply this 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” – and it has that look about it so far. There is Support at 97.00, the 3yr poc.
Gold: GLD closed below 141.7 (8mn poc) on Wednesday and has found Resistance three times recently at 143 (major 1/2R).
Oil: USO is printing back above the 11.41 Major poc. Price above 11.95 (1/2R off 2016 low) would put USO in a stronger position – that level has been probed this week but no significant time has been printed above it.
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. Has rallied from there.
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” – and it has that look about it so far. There is Support at 97.00, the 3yr poc.
Gold: GLD closed below 141.7 (8mn poc) on Wednesday and has found Resistance three times recently at 143 (major 1/2R).
Oil: USO is printing back above the 11.41 Major poc. Price above 11.95 (1/2R off 2016 low) would put USO in a stronger position – that level has been probed this week but no significant time has been printed above it.
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. Has rallied from there.
