posted 09.17 a.m. est
SPY-broke-Support-on-Friday
The SP500 index closed on Friday below Mon-Wed Hi-Lo Range which indicates Active Selling on the weekly timeframe.
Index ETFs: Momentum (Price Osc) is now down now for all four ETFs.
ES analysis: The local poc level migrated back to 1685.50 on Friday, see previous highlighted comments, this is First Level Resistance. Pre-open ES is printing below that level in a weak price location. At current levels I need to see Significant Buying marked above 1685.50 before considering new longs.
Breadth: CP Market Timing System turned negative for Nyse from positive, Nasdaq stayed positive and UK turned neutral from positive.
Stocks>50dyma numbers: Nyse 62, Nasdaq 62, R2000 62, UK 54. Numbers >50 are considered supportive.
First Level Resistance = 1685.50 poc
First Level Support = 1653.00 poc
Sentiment: My version of the Rydex Assets Ratio ended the week at 4.09. The ratio reached 4.19 last week which was a 78day high (this is a contrarian indicator). The ratio reached as high as 5.43 at the market May high and as low as 2.15 on 07/10 (which was the lowest ratio since January 2012).
Supporting Charts
Bonds TLT: Printed a 31day high last week probing the 6mn poc at 107.22. Chart is currently printing below that level. Price above that level would put the chart in a much stronger location.
Oil USO: Printing below 37.31, the low of the Support/Resistance band in a weak price location. Momentum is negative and down.
Gold GLD: remains below 134.17, the 12mn poc, in a weak price location. Momentum is negative but has turned up.
Dollar Index: Is today printing at the important Support at 80.15 (major 1/2R and poc). Dollar Bulls would hope this holds, price printing time below this level would put the chart in an extremely weak location.
EURUSD: Recently printed its highest level since February. Momentum is up and positive.
