emini ES 27th November 2019 – pre-open from ChartProfit
Earlier in November, the 1month poc migrated to 3083 (now First Level LT Support). ES found Support at that level and rallied strongly.
Dayframe: Aggressive Buying was marked on Monday and again on Tuesday. The session low of Tuesday’s Buying Day is 3129.75, dotted line. First Sign of weakness in the ST would be a session close below that level, indicating that Buyers had been disrupted.
Stocks>50dyma numbers: Nyse 64% (from 65%), Nasdaq 67% (from 66%, R2000 66% (unchanged). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was almost unchanged at 19.83. On 14th Oct the ratio fell to 6.50, the lowest since January.
Bonds – TLT: is printing below 142.50, the 4mn poc Resistance in a weak LT location. There is closer Resistance at 141.67, the 1/2R off Aug high.
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 has rallied back to test the 1/2R at 98.4. 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: last week USO declined to test 11.66, the 2yr poc, but rallied from there to print back above 11.95, 1/2R off 2016 low, in a strong position.
GBPUSD: rallied strongly from early October. Has probed 1.2914, the 1/2R Resistance off 2016 low but has not printed significant time above that level.
EURUSD: In early October chart printed its lowest level since May 2017. Rallied from there but has given back more than half the gain from 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 has rallied back to test the 1/2R at 98.4. 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: last week USO declined to test 11.66, the 2yr poc, but rallied from there to print back above 11.95, 1/2R off 2016 low, in a strong position.
GBPUSD: rallied strongly from early October. Has probed 1.2914, the 1/2R Resistance off 2016 low but has not printed significant time above that level.
EURUSD: In early October chart printed its lowest level since May 2017. Rallied from there but has given back more than half the gain from that low.
