Friday 4th October
Value Areas on Wednesday and Thursday were generated below 2927, the 15mn poc. This is weak location. Bulls would want to see that level recovered as soon as possible.
Stocks>50dyma numbers: Nyse 40% (from 38%), Nasdaq 35% (from 33%), R2000 40% (unch). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 19.51.In early September the ratio fell to 14.0 which was the lowest since 10th June.
Bonds – TLT: rallied powerfully in August reaching a new high on 08/28.
Dollar Index: w/e 06/14 the three year poc migrated to 97.00 – now Support. Has this week probed the Maj Value Area High at 99.50. Price will often be rejected from these Maj VAHs, however, acceptance of this price (time) would be bullish.
Gold: The 8 month poc migrated to 141.7 earlier in the month. GLD closed above this Resistance on Thursday and intraday the next level of Resistance (143.0, the maj 1/2R) was probed.
Oil: this week has been printing back below 11.41, the Major POC Support.
GBPUSD: rallied off this month’s low back to probe the 30mn at 1.2481. Currently down from that level.
EURUSD: in early July the chart broke back below 1.1310, the Major poc which put EURUSD back in a weaker position. On Tuesday printed its lowest level since May 2017.
Dollar Index: w/e 06/14 the three year poc migrated to 97.00 – now Support. Has this week probed the Maj Value Area High at 99.50. Price will often be rejected from these Maj VAHs, however, acceptance of this price (time) would be bullish.
Gold: The 8 month poc migrated to 141.7 earlier in the month. GLD closed above this Resistance on Thursday and intraday the next level of Resistance (143.0, the maj 1/2R) was probed.
Oil: this week has been printing back below 11.41, the Major POC Support.
GBPUSD: rallied off this month’s low back to probe the 30mn at 1.2481. Currently down from that level.
EURUSD: in early July the chart broke back below 1.1310, the Major poc which put EURUSD back in a weaker position. On Tuesday printed its lowest level since May 2017.
