S&P 500 emini analysis Pre-open Thursday 16th July
See yesterday’s highlighted comments. Wednesday generated a second Value Area above 2095.00, the 10mn poc. In fact 2095.00 was the exact low of the session, see chart. This is encouraging. ES needs to hold this level to maintain a strong price location and Significant Buying marked above this point would be a further positive.
First Level Support = 2095.00 (10mn poc)
Second Level Support = 2080.25 (1/2R off May high)
Stocks>50dyma numbers: Nyse 40% (from 43%), Nasdaq 47% (from 50%), R2000 50% (from 53%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 9.87. Up from Tuesday’s 8.67 was an eight month low.
Supporting Charts:
Bonds TLT: on Wednesday TLT closed almost at 117.14, the maj poc.
Dollar Index: is today printing above 96.76, the 1/2R off March high in a strong price location.
Gold GLD: on Wednesday tested below the March low to print its lowest level since April 2010.
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 at a 35dy low.
