emini SP500 8th October 2019 – pre-open from ChartProfit
Value Areas on Wednesday and Thursday last week were generated below 2927, the 15mn poc. I wrote that “Bulls would want to see that level recovered as soon as possible”. ES did recover, with VAs on Friday and Monday being generated above 2927 but pre-open today ES prints back below the poc. We also need to see improvement in both Breadth and daily Price Momentum, see today’s Pulse Chart.
Stocks>50dyma numbers: Nyse 47% (from 50%), Nasdaq 44% (from 45%), R2000 48% (from 49%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was sharply lower at 15.10. In early September the ratio fell to 14.0 which was the lowest since 10th June when the ratio fell to 11.59.
Bonds – TLT: The three month poc migrated to 142.50. This is now short term Support.
Dollar Index: last 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 back below this level on Monday which is weaker position, but cash Gold indicates a higher open for GLD today.
Oil: spent last week (and this, so far) printing back below 11.41, the Major poc.
GBPUSD: rallied off this month’s low back to probe the 30mn at 1.2481. Currently down from that level and is today printing below 1.2270, the minor 1/2R off Sep low, in a weak position.
EURUSD: in early July the chart broke back below 1.1310, the Major poc which put EURUSD back in a weaker position. Last week printed its lowest level since May 2017.
Dollar Index: last 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 back below this level on Monday which is weaker position, but cash Gold indicates a higher open for GLD today.
Oil: spent last week (and this, so far) printing back below 11.41, the Major poc.
GBPUSD: rallied off this month’s low back to probe the 30mn at 1.2481. Currently down from that level and is today printing below 1.2270, the minor 1/2R off Sep low, in a weak position.
EURUSD: in early July the chart broke back below 1.1310, the Major poc which put EURUSD back in a weaker position. Last week printed its lowest level since May 2017.
