S&P 500 emini 24th February 2020 – pre-open from Chartprofit
ES has declined sharply overnight and has tested the Support at 3249.0, the 4mn poc. As I have been writing, “First sign of LT weakness would be Effective Selling marked below that poc”. Pre-open today ES prints below that level.
Stocks>50dyma numbers: Nyse 47%, Nasdaq 45%, R2000 42%. Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio ended the week at 24.84. On 12/27 the index reached 28.62, the highest reading in my database. Only twice before has the ratio printed above 26. Once in Jan 2018 and the market sold-off quickly, and once in Aug 2018 after which the market traded sideways for a month and then sold-off.
Bonds – TLT: The 1/2R Support off August high, is at 141.69. A higher low above that level has formed. Strong position. Futures indicate a strongly higher today for TLT.
Dollar Index: Maj VAH at 99.50 was probed again last week, as in September. Looks like rejection, but acceptance (time) at or above this level would be bullish.
Gold: last week GLD printed its highest level since April 2013. Futures indicate a strongly higher today for GLD.
Oil: USO has declined this year and has been printing below 11.41, the major poc in a weak position. Rallied back last week but turned lower from that Resistance. Futures indicate a sharply weaker open today for USO.
GBPUSD: Last week the major poc migrated lower, back to 1.2933 (from 1.3128). Today GBPUSD is printing just below that level in a weak position.
EURUSD: Earlier in the month there was a rejected probe above 1.1216, the major poc Resistance. EURUSD declined from there and broke the Support at 1.1058, the 1/2Range off October low. Has now broken below that low and has last week printed its lowest level since April 2017.
Dollar Index: Maj VAH at 99.50 was probed again last week, as in September. Looks like rejection, but acceptance (time) at or above this level would be bullish.
Gold: last week GLD printed its highest level since April 2013. Futures indicate a strongly higher today for GLD.
Oil: USO has declined this year and has been printing below 11.41, the major poc in a weak position. Rallied back last week but turned lower from that Resistance. Futures indicate a sharply weaker open today for USO.
GBPUSD: Last week the major poc migrated lower, back to 1.2933 (from 1.3128). Today GBPUSD is printing just below that level in a weak position.
EURUSD: Earlier in the month there was a rejected probe above 1.1216, the major poc Resistance. EURUSD declined from there and broke the Support at 1.1058, the 1/2Range off October low. Has now broken below that low and has last week printed its lowest level since April 2017.
