On the SP500 chart I marked Aggressive Buying (green-at-top) on Monday. First sign of weakness would now be a day session close below 3193.50, Monday’s low (dashed line). First Level Support is at 2926.0, the 2yr poc. The most important Support is at 2719, the maj poc. ES needs to hold this level to maintain a strong position in the longer timeframe.
FTSE100: last week broke above 6312, the major 1/2R, which is now Support.
Bonds TLT: A probe of the 6mn Resistance at 165.36 was rejected on 05/22 and TLT sold off. Has now broken below 159.43 which is the 1/2R off March high and now Resistance. Weak position.
Dollar Index: in April/May failed at two attempts to print above the 1/2R Resistance off March high, and then sold off from that rejection. Last week broke the 3yr Support at 97.38. Bulls would want to see that level (now Resistance) recovered asap.
Sentiment: My version of the Rydex Assets Ratio ended the week at 11.24, a three month high. SPX has recovered more than 80% of its decline from this years high and the ratio less than 30% – this is a positive for the market. The ratio fell to 3.35 on 03/17, the lowest since early 2016. The ratio reached 28.62 on 12/27, the highest reading in my database.
Stocks>50dyma numbers: Nyse 97% (from 95%), Nasdaq 94% (from 93%), R2000 96% (from 94%). Numbers >50 are supportive.
