emini 9th December 2019 – pre-open from ChartProfit
Last week ES tested the 3083 Support and has rallied back, see highlighted comments from 3rd Dec. The minor 1/2R off the recent high is at 3113.75, dotted line. This level has been recovered and is now First Level minor Support. Monitoring price relative to that level would be useful for short term traders at the start of this week. Effective Selling marked below 3083 would be a sign of weakness in the longer time-frame.
Market Charts: All major Market Charts remained positive.
Stocks>50dyma numbers: Nyse 67%, Nasdaq 66%, R2000 68%. Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio ended the week at 20.86 having reached 21.82 on Tuesday, a 4month high. On 14th Oct the ratio fell to 6.50, the lowest since January.
Bonds – TLT: The 5mn poc is at 139.95. TLT closed below that level on Friday.
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”. Chart declined from that high through October and then rallied back to test the 1/2R at 98.4 – is today printing below that level. As I have been writing “New trends often start with a rejected test at the 50% retracement so I’m watching price action from here”. There is Support at 97.00 (3yr poc) and this has held so far.
Gold: Found Resistance three times recently at 143 (major 1/2R) and declined from there to its lowest level since early August.
Oil: a strong rally on Wednesday meant that USO closed above 11.95, 1/2R off 2016 low, and is in a strong position if that level is held.
GBPUSD: has rallied strongly from early October and is now printing above 1.3130, the major poc. Strong position if that level holds.
EURUSD: In early October chart printed its lowest level since May 2017. Rallied from there, and is currently printing above the 1/2R level off that low.
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”. Chart declined from that high through October and then rallied back to test the 1/2R at 98.4 – is today printing below that level. As I have been writing “New trends often start with a rejected test at the 50% retracement so I’m watching price action from here”. There is Support at 97.00 (3yr poc) and this has held so far.
Gold: Found Resistance three times recently at 143 (major 1/2R) and declined from there to its lowest level since early August.
Oil: a strong rally on Wednesday meant that USO closed above 11.95, 1/2R off 2016 low, and is in a strong position if that level is held.
GBPUSD: has rallied strongly from early October and is now printing above 1.3130, the major poc. Strong position if that level holds.
EURUSD: In early October chart printed its lowest level since May 2017. Rallied from there, and is currently printing above the 1/2R level off that low.
