Pre-open comment Tuesday 23rd June
Monday generated a Value Area entirely above 2107.00 (10mn poc).
As long as ES prints above 2107.00 it is in a strong price location but time spent below 2095.00 would be weak price location and a negative.
Dayframe: the v minor poc (8day) is at 2116.50 and could be a useful level to monitor intraday.
First Level Support = 2107.00
Second Level Support = 2095.00
Momentum (PriceOsc) although still negative for DIA, SPY and QQQ has turned up. IWM is positive and up.
Stocks>50dyma numbers: Nyse 49% (from 46%), Nasdaq 64% (from 60%), R2000 62% (from 61%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 9.88. Friday’s ratio at 8.78 was a seven month low.
Supporting Charts:
Bonds TLT: closed on Monday below 117.14, the maj poc. Price below this level is weak location.
Dollar Index: printing back above 94.67, the 12mn poc, in a stronger price location.
Gold GLD: in May a probe into the Resistance at 117.60, the 1/2R off the November low, was rejected. Price above this level would be first sign of LT strength.
Oil USO: Last week the 16mn poc migrated to 20.24. USO closed very close to that level on Monday.
EURUSD: is today printing below 1.1340, the 12mn poc
