emini ES 19th December 2019 – pre-open from ChartProfit
This week has printed a tight range above last week’s range. Most recent imbalance was Aggressive Selling on 9th Dec which proved ineffective and Sellers have not been marked to this week’s higher prices. Looks like Buyers Resting so far. In any event, there is poc Support at 3148.50. As long as ES holds that level it is in a strong position.
Stocks>50dyma numbers: Nyse 72% (unch), Nasdaq 72% (from 71%), R2000 72% (from 71%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was lower at 21.53. On Friday the ratio reached 24.4. the highest 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 Wednesday. 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) has been tested this week but DXY currently prints up from that level. Price below the poc 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 rallied back above 11.95, 1/2R off 2016 low, early in the month. It is in a strong position if that level is held.
GBPUSD: has rallied strongly from early October and had been printing above the 1.3130 major poc which is now important Support. That Support has been broken this week and Bulls would want to see it recovered as quickly as possible.
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. Down from that level.
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) has been tested this week but DXY currently prints up from that level. Price below the poc 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 rallied back above 11.95, 1/2R off 2016 low, early in the month. It is in a strong position if that level is held.
GBPUSD: has rallied strongly from early October and had been printing above the 1.3130 major poc which is now important Support. That Support has been broken this week and Bulls would want to see it recovered as quickly as possible.
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. Down from that level.
