posted 08.15 a.m. est
pre-open comment Tuesday 11th June
Strictly applying my rules I had to mark Responsive Selling (red-at-top) on Monday. I did not mark Responsive Selling on the N100 or R2000 charts. The 50 day poc migrated to ES 1645 on Monday. This is close to the 1/2R level and so 1641-1645 is a significant area and our First Level Resistance. The prev poc at 1626 has been probed pre-open and this could be intraday Support or Resistance today.
Dayframe: see yesterday’s comments. Ninety minutes pre-open charts print below the follwoing levels in weak price location. ES 1641 (dotted); SPY 164.66; IWM 98.05; QQQ 73.21; DIA 151.72
%Stocks>50dyma numbers: Nyse 60%, Nasdaq 68%, R2000 70%. Numbers >50 are considered supportive. Numbers >80 are considered overbought.
First Level Resistance = ES 1641-1645 (1/2R & 50dy poc)
First Level S/R = ES 1626 (poc)
Sentiment: my version of the Rydex Assets Ratio was slightly higher at 4.48. Bulls would want to see some measurable fear shown by the Rydex traders (contrarian). Still haven’t seen that yet.
Supporting Charts
Bonds TLT: In a weak price location below the major poc at 117.15. Pre-open today the chart has printed its lowest level since April 2012.
Oil USO: On Friday chart again probed the Resistance around 34.20 but has not printed any time above this level yet. Momentum (although negative) has turned up.
Gold GLD: Fell steeply in April to its lowest level for two years and that level was approached again in May. Momentum, although negative, is up.
Silver SLV: Recently printed its lowest level since October 2010.
Dollar Index: Fell sharply last week to Support at the 1/2R off 2009 high at 81.10. Currently holding that level but Momentum is negative and down.
EURUSD: Last week printed time above the 24mn poc at 1.3070 and is now printing above the Resistance at 1.3228, the 1/2R off Feb high. Momentum is up and positive.
