ES emini 3rd December 2019 – pre-open from ChartProfit
Aggressive Buying was marked three times last week but yesterday’s session close was below last week’s low which indicates that Buyers have been disrupted. This is often a first sign of weakness; see Monday’s highlighted comments on chart. First Level Support is at 3083, the 1 month poc. Effective Selling marked below that Support would be a sign of weakness in the longer time-frame. Bulls would want to see Effective Buying marked above the 3083 Support.
Stocks>50dyma numbers: Nyse 57% (from 65%), Nasdaq 62% (from 66%), R2000 60% (from 67%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was lower at 20.83. Down from 21.02, a 39 day high. On 14th Oct the ratio fell to 6.50, the lowest since January.
Bonds – TLT: The 5mn poc migrated to 139.95 last week and on Monday TLT closed below that level in a weak position.
Dollar Index: on 10/01 DXY probed the Maj Value Area High at 99.50. As I wrote at the time “price will often be rejected from these Maj VAHs”. Chart declined from that high through October and then rallied back to test the 1/2R at 98.4 – is today printing below that level. As IU have been writing “New trends often start with a rejected test at the 50% retracement so I’m watching price action from here”. There is Support at 97.00 (3yr poc) and this has held so far.
Gold: Found Resistance three times recently at 143 (major 1/2R) and declined from there to its lowest level since early August.
Oil: the major Support is at 11.41 (maj poc). USO closed at 11.67 on Monday.
GBPUSD: rallied strongly from early October. Is today printing above 1.2914, the 1/2R Resistance off 2016 low, in a strong position.
EURUSD: In early October chart printed its lowest level since May 2017. Rallied from there, retraced but is today printing above the 1/2R level off that low in a stronger position.
Dollar Index: on 10/01 DXY probed the Maj Value Area High at 99.50. As I wrote at the time “price will often be rejected from these Maj VAHs”. Chart declined from that high through October and then rallied back to test the 1/2R at 98.4 – is today printing below that level. As IU have been writing “New trends often start with a rejected test at the 50% retracement so I’m watching price action from here”. There is Support at 97.00 (3yr poc) and this has held so far.
Gold: Found Resistance three times recently at 143 (major 1/2R) and declined from there to its lowest level since early August.
Oil: the major Support is at 11.41 (maj poc). USO closed at 11.67 on Monday.
GBPUSD: rallied strongly from early October. Is today printing above 1.2914, the 1/2R Resistance off 2016 low, in a strong position.
EURUSD: In early October chart printed its lowest level since May 2017. Rallied from there, retraced but is today printing above the 1/2R level off that low in a stronger position.
