emini 9th August 2019 – pre-open from ChartProfit
Thursday’s Value Area was generated entirely above 2887, the 15mn poc, this is now Support. Aggressive Buying (green-at-top) was marked, see yesterday’s comments. With the shift in just the last few days to very bearish Sentiment, (bullish to contrarians) and yesterday’s price action, the Buyers look like they are back in control of the dayframe. If so, the Support at 2887 should hold. Daily technicals still need to improve, see Pulse Chart.
Stocks>50dyma numbers: Nyse 46% (from 36%), Nasdaq 46% (from 39%), R2000 47% (from 38%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was slightly higherer at 189.11. 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 – since Monday has closed below 11.41, the major poc, 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 has today 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.
