Pre-open comment Tuesday 19th May
I marked Aggressive Buying again on Monday (green-at-top) – see previous highlighted comments. Pre-open today ES has printed as high as 2134. As long as ES holds above 2095.50 it is in a strong price location. Breadth numbers improved again, see below.
Support = 2095.50 (10mn poc)
Stocks>50dyma numbers: Nyse 59% (from 57%), Nasdaq 52% (from 47%), R2000 49% (from 43%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was almost unchanged at 10.17. The four month low is 9.91. The highest ratio in the database was at 14.06 on 03/02
Supporting Charts:
Bonds TLT: last week printed its lowest level since November. The 12mn poc at 119.26 was probed and chart rallied on Friday. More important Support at 117.14, maj poc.
Dollar Index: Last week printed its lowest level since 22nd Jan but is today back above 94.67, the 12mn poc.
Gold GLD: last week printed its highest level since February which was a probe into the Resistance at 117.60, the 1/2R off the November low.
Oil USO: last week printed its highest level since December and since early April has been printing above 18.39, the 12mn poc, in a stronger price location.
EURUSD: last week printed its highest level since February but is today printing back below the major 1/2R (1.1241)
