Pre-open Wednesday 15th July
See yesterday’s highlighted comments. ES is now printing above 2095.00, the 10mn poc. It needs to hold this level to maintain a strong price location. Significant Buying marked above this level would be a big positive. Sentiment is encouraging from a contrarian perspective, see below, Breadth numbers are almost supportive, see below. All four major stock index ETFs have negative momentum (PriceOsc) but this indicator has turned up.
First Level Support = 2095.00 (10mn poc)
Second Level Support = 2080.25 (1/2R off May high)
Stocks>50dyma numbers: Nyse 43% (from 40%), Nasdaq 50% (from 48%), R2000 53% (from 51%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was lower at 8.67 which is an eight month low.
Supporting Charts:
Bonds TLT: on Tuesday TLT closed below 117.14, the maj poc which is weak price location.
Dollar Index: 96.76 is the 1/2R off March high and this is the obvious Resistance which was probed last week and again today.
Gold GLD: in May a probe into the Resistance at 117.60, the 1/2R off the November low, was rejected. GLD remains in a weak location and last week printed close to this years low.
Oil USO: the 16mn poc recently migrated to 20.24. USO closed below that level for seven consecutive days and last week fell heavily. The 1/2R off the March low is at 18.55 and this is now Resistance.
EURUSD: is today printing below 1.1340, the 12mn poc.
