emini SP500 4th June 2019 – pre-open from Chartprofit
Friday and Monday Value Areas were generated entirely below 2776, the 12mn poc, see previous comments. Bulls would want to see 2776 recovered asap. Pre-open ES has printed as high as 2770. There is important Support at 2718, the major poc.
Key Charts: FTSE100 is currently probing its 1/2R Resistance at 7220; as is DAX at 11930.
Stocks>50dyma numbers: Nyse 27% (from 25%), Nasdaq 23% (from 23%), R2000 24% (from 22%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was lower at 13.40, the lowest ratio since 02/19, having reached 23.93 on the 7th May, a seven month high.
Bonds – TLT: on Monday TLT printed its highest level since November ’16. Looks set to test the maj VAH at 132.80.
Dollar Index: 05/23 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 – sharply higher last three days. Rrice had been ranging around 121, the major poc, since mid-April. Looking for a higher low above that level which would be a bullish indication.
Oil: USO – on Friday and Monday USO closed below 11.41, the Major Poc. This is a weak position and Bulls would hope that USO recovers this level asap.
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. On Friday GBPUSD printed its lowest level since early January.
EURUSD: last week 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.
HYG: is in a weak position below the major poc. This is a general risk-off indication.
