emini 8th August 2019

emini 8th August 2019

During Wednesday’s session the 15mn Resistance at 2887 was tested. Pre-open today ES is printing just above that level. The low for this decline came on Monday and that was an Aggressive Selling day, so I call that a weak low because it is rare that a low of any significance occurs on a red day. The odds would favour a retest but Significant Buying (green) marked above 2887 would be a positive sign and negate that view.

Dayframe: a minor (7day) poc has emerged at 2855. Any dip in the ST should hold that Support if the market is heading higher.

Stocks>50dyma numbers: Nyse 36% (from 35%), Nasdaq 39% (from 38%), R2000 38% (from 39%). Numbers >50 are supportive.

Sentiment: My version of the Rydex Assets Ratio was slightly lower at 18.98. 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. On Wednesday approached the 2016 high.
Dollar Index: w/e 06/14 the three year poc migrated to 97.00 – now Support. Last week DXY printed a two year high but retraced from there. Major VAH at 99.50.
Gold: GLD has rallied strongly and is close to probing the Resistance at 143.0, the 1/2R off 2011 high.
Oil: USO – closed on Tuesday below 11.41, the major poc Support, Risk-off.
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 last week 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 and last week printed its lowest level since May 2017. Has rallied back from there.
USDJPY: the major poc is at 112.65. Chart is currently in a weak position below that level.