emini S&P 500 10th February 2020 – pre-open from ChartProfit
Last week Aggressive Buying (green-at-top) was marked on Wednesday. First sign of minor weakness would be a day session close below 3311.75, the low of that Buying day.
At the end of January, Support was tested and held. Since then ES has recovered with a new high reached last week. First sign of LT weakness would now be Effective Selling marked below 3249.0, the 4mn poc.
Market Charts: Nyse turned neutral (from negative), Nasdaq turned neutral (from negative), R2000 stayed negative.
Stocks>50dyma numbers: Nyse 48%, Nasdaq 48%, R2000 42%. Numbers >50 are supportive.
Stocks>50dyma numbers: Nyse 48%, Nasdaq 48%, R2000 42%. Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio ended the week at 25.23. On 12/27 the index reached 28.62, the highest reading in my database. Only twice before has the ratio printed above 26. Once in Jan 2018 and the market sold-off quickly, and once in Aug 2018 after which the market traded sideways for a month and then sold-off.
Bonds – TLT: The 1/2R Support off August high, is at 141.69. Price action last week indicates that a higher low above that level may be forming.
Dollar Index: is printing above 98.0, the 1/2R Resistance off Oct high, in a strong position.
Gold: GLD closed on 01/31 at its highest level since April 2013.
Oil: USO has declined this year and is now printing below the major poc Support at 11.41 in a weak position.
GBPUSD: The major poc has migrated to 1.3128. GBPUSD is printing below that level today. Note also the minor Resistance at the 1/2R off Dec high at 1.3208, which turned GBPUSD lower recently.
EURUSD: Earlier in the month there was a rejected probe above 1.1216, the major poc Resistance. EURUSD declined from there and has today printed below 1.1058, the 1/2Range off October low in a weaker position.
Dollar Index: is printing above 98.0, the 1/2R Resistance off Oct high, in a strong position.
Gold: GLD closed on 01/31 at its highest level since April 2013.
Oil: USO has declined this year and is now printing below the major poc Support at 11.41 in a weak position.
GBPUSD: The major poc has migrated to 1.3128. GBPUSD is printing below that level today. Note also the minor Resistance at the 1/2R off Dec high at 1.3208, which turned GBPUSD lower recently.
EURUSD: Earlier in the month there was a rejected probe above 1.1216, the major poc Resistance. EURUSD declined from there and has today printed below 1.1058, the 1/2Range off October low in a weaker position.
