posted 8.30 a.m. et
pre-open comment Monday 25th June
The Chartprofit Market Timing System remained negative for Nyse and Nasdaq and neutral for the UK. %Stocks>50dyma numbers (all major Market Charts) have not yet printed above the 50% level.
Weekly Structure: ES closed the week below the Mon-Wed Hi-Lo range which indicates Sellers Active on this timeframe. SPY indicated no bias.
Major index ETFs finished the week below their important 1/2R levels.
Last week I marked Significant Buying once (on Monday) and Significant Selling twice. Pre-open ES has printed lower to test 1314.50 (50dypoc). In the ST this level may be intraday Support or Resistance at the start of this week.
KEY Charts/Levels this week are the poc Support at SPY 131.93 and QQQ 62.10. Bulls would want to see these levels hold or be quickly recovered on a test. If price prints time below those Support levels (and ES 1307) it would indicate weak price location and suggest further weakness. Should that happen important levels on the Sentiment indicators would likely come back into play.
Resistance = 1334.50 (1/2R) SPY = 134.67
S/R = 1314.50 (50dypoc)
Support = 1307 (maj poc) SPY = 131.93
My version of the Rydex Assets Ratio finished the week at 3.12. On 5th June the ratio reached 2.25 which was a four month low.
Supporting Charts (+ or – or ? for equities).
(Momentum = daily PriceOsc)
– EURUSD: Chart printing below the Major poc at 1.2777 and currently prints below the Minor poc at 1.2570.
– Dollar Index: Prints well above the important level at 80.15. Minor level to watch today is the 1/2R off June high at 82.36; pre-open chart prints above that level.
? TLT: momentum is down. Chart found Resistance late last week at 127.23, the Minor 1/2R off June high.
If momentum indicators were to reverse it would be easier to imply a bias for equities from these charts.
