S&P 500 emini 25th February 2020
With yesterday’s price action, the 5mn poc migrated to 3228.0. It is now extremely important to watch price relative to this level. Pre-open ES prints above the poc but time below it would be a negative development in the LT.
Stocks>50dyma numbers: Nyse 33% (from 47%), Nasdaq 33% (from 47%), R2000 31% (from 42%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was lower at 22.95. 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: we saw a higher low form above the 1/2R Support off August high and TLT moved strongly higher from there. New high printed on Monday.
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: on Monday printed its highest level since early 2013.
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 and sharply lower this week.
GBPUSD: Last week the major poc migrated lower, back to 1.2933 (from 1.3128). Today GBPUSD is printing above that level in a stronger 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: on Monday printed its highest level since early 2013.
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 and sharply lower this week.
GBPUSD: Last week the major poc migrated lower, back to 1.2933 (from 1.3128). Today GBPUSD is printing above that level in a stronger 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.
