emini ES 16th December 2019 – pre-open from ChartProfit
Note: from today we will be following the March contract.
Following Aggressive Selling on 9th December I wrote that a “session close above Monday’s high, 3149.50, would negate any ST negative implications of that red-at-bottom low”, see highlighted comments. On Thursday we saw a session close above that high. I also wrote that “as long as ES prints above that level (3113.75) it is in a ST strong position”. That Support has not been tested.
Market Charts: All major Market Charts remained positive.
Stocks>50dyma numbers: Nyse 68%, Nasdaq 68%, R2000 66%. Numbers >50 are supportive.
Stocks>50dyma numbers: Nyse 68%, Nasdaq 68%, R2000 66%. Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was strongly higher on Friday at 24.4. the highest ratio since Sep ’18. The highest reading I have is 27.5 in Jan ’18.
Bonds – TLT: The 5mn poc is at 139.95. TLT closed below that level on Friday. Weak position.
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 and failed at that Resistance. 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”. The Support at 97.00 (3yr poc) is now being probed. Price below that level would be a weak position.
Gold: Found Resistance three times recently at 143 (major 1/2R) and declined from there to its lowest level since early August.
Oil: USO is now printing 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 printing above the 1.3130 major poc which is now important Support.
EURUSD: In early October chart printed its lowest level since May 2017. Rallied from there, and on Friday probed the poc Resistance at 1.120.
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 and failed at that Resistance. 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”. The Support at 97.00 (3yr poc) is now being probed. Price below that level would be a weak position.
Gold: Found Resistance three times recently at 143 (major 1/2R) and declined from there to its lowest level since early August.
Oil: USO is now printing 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 printing above the 1.3130 major poc which is now important Support.
EURUSD: In early October chart printed its lowest level since May 2017. Rallied from there, and on Friday probed the poc Resistance at 1.120.
