emini SP500 28th May 2019 – pre-open from ChartProfit
05/16 there was a rejected probe of 2894, the 2mn poc Resistance. On 05/21 there was a rejected probe of 2871, the minor poc Resistance. That looks like weak porice action in the ST. During Friday’s session ES found Support at 2821, the 5mn poc. Bulls would not want time being spent below that poc.
Market Charts: All three major U.S. Market Charts remained negative.
Stocks>50dyma numbers: Nyse 36%, Nasdaq 33%, R2000 35%. Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio ended the week at 16.48, a thre month low, having reached 23.93 on the 7th May, a seven month high.
Bonds – TLT: last Thursday TLT printed its highest level since December ’17. In the longer-term as long as TLT holds above the 121 major Support it is in a strong position.
Dollar Index: last week printed its highest level since May 2017. In the LT as long as the chart is printing above the major at 94.80 it is in a strong position.
Gold: GLD – ended the week back above 121, the major poc.
Oil: USO – last Thursday USO broke below the 12.79 Support, the 18mn poc, and fell sharply. Major Poc Support at 11.41.
GBPUSD: is in a weak position below 1.3130, the maj poc. The Support at 1.2915, the 1/2R off this year’s low, was broken earlier in the month and chart has fallen sharply from there. Last week GBPUSD printed its lowest level since early January.
EURUSD: on Thursday printed its lowest level since June 2017. Price below 1.1310 keeps the chart in a weak LT position.
USDJPY: the major poc is at 111.17. Chart is currently in a weak position below that level.