posted 08.05 a.m. est
pre-open comment Friday 19th July
Pre-open Thursday I wrote that 1677.50 could be intraday Support or Resistance and it proved to be the low of the session. That level, actually 1677.00, is now the 20day poc and again is worth monitoring for intraday Support or Resistance today.
Thursday generated a higher, wider Value Area.
1st Level LT Support = ES 1645.00 (4mn poc)
Stocks>50dyma numbers: Nyse 78%, Nasdaq 80%, R2000 85%. Numbers >50 are considered supportive. Numbers >80 are considered overbought.
Sentiment: My version of the Rydex Assets Ratio was slightly lower at 3.13. Last week the ratio reached 2.15 which was the lowest ratio since January 2012 and indicated real fear from the retail trader.
Supporting Charts
Bonds TLT: w/e 07/05 chart printed its lowest level since Sep 2011. Bounced very little since then. Momentum, although negative, is up.
Oil USO: now printing above the 1/2R off 2011 high at 37.31. Strong price location if that level holds. On Thursday printed its highest level since May 2012. Momentum is positive and up.
Gold GLD: The low on 06/28 was the lowest since Aug 2010. Momentum (although negative) is up.
Silver SLV: w/e 06/28 chart printed its lowest level since Aug 2010. Momentum (although negative) is up.
Dollar Index: Last week printed its highest level since July 2010 but declined sharply from there and today, as I write, is printing almost at 82.73, the 12mn poc. Momentum, although positive, is down. Dollar Bulls would want to see Momentum turn back and price above 82.73.
EURUSD: Has rallied sharply since testing the maj poc Support at 1.2777 early last week and is currently trying to consolidate above 1.3075, the 9mn poc. If that level holds as Support the chart is in a stronger price location than it has been since mid June. Momentum (although negative) is up.
