posted 9.19 a.m. et
pre-open comment Tuesday 26th June
I wrote pre-open yesterday that 1314.50, the 50dypoc, may be intraday Support or Resistance at the start of this week. This would give a clue re ST direction. ES rejected this level immediately at the Open and auctioned lower. Pre-open today, ES is holding just above the maj poc at 1307 which is the Key Level. Price below 1307 is weak price location. SPY currently prints below 131.93, its Key Level. QQQ managed to Close just above 62.10, its Key Level. See yesterday’s comments highlighted above.
Resistance = 1334.50 (1/2R) SPY = 134.67
First Level Resistance = 1314.50 (50dypoc)
Key Level = 1307 (maj poc) SPY = 131.93
My version of the Rydex Assets Ratio was slightly higher at 3.21 (from 3.12). Smart Bulls would want to see more fear than this from the Rydex traders. 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. Momentum has turned down.
– Dollar Index: Prints well above the important level at 80.15. Minor level to watch is the 1/2R off June high at 82.36; pre-open chart prints above that level. Momentum has turned up.
? TLT: momentum is down. Chart found Resistance late last week at 127.23, the Minor 1/2R off June high.
imo these charts imply a slight negative bias for equities.
