posted 9.30 a.m. est Pre-open Wednesday 2nd June
All previous comments (highlighted on graphic) are relevant.
Significant Selling marked again on Tuesday (red-at-bottom). Odds are that Tuesday’s low (1068.50) will be tested today.
1082 (25day poc) is First Level S/R. If ES is going to test the 1036.75 low then 1082 would most likely be resistance to a rally.
Grey area on the chart represents the 10day Value Area; HVal=1095, LVal=1069.
ST entiment: My version of the Rydex Assets Ratio was unchanged at 1.6.
Supporting Charts (technicals based on daily Price Oscillator)
+ USDJPY: prints above the poc which migrated up slightly to 90.21. Price Osc up for 3 days
– EURUSD: new four year low on Tuesday but as discussed in the webcast there is major support here.
– UDX: currently printing above the daily chart resistance at 85.14 but Price Osc down for eight days.
? IEF has backed off from the 1/2R resistance. imo these charts are bearish for equities at the moment.
