S&P 500 emini pre-open Thursday 29th May
posted 09.09 a.m. est
Pre-open comment Thursday 29th May
The major poc migrated to 1872 last Wednesday and as I wrote pre-open following day “directional moves are often preceeded by a migration of a poc level”. ES has moved higher from that point, in fact Wednesday’s Value Area was the first in five that wasn’t generated entirely above the previous VA. The minor (10dy) poc is at 1909. Price relative to this level during today’s session may provide a clue re ST strength/weakness.
The four major stock index ETFs now all have positive Momentum. Key chart IWM has stalled at 114.0, the 1/2R off March high. Price above this level would be a further positive. Concerns remain re the strength in Bonds and Dollar and slow confirmation from Breadth, especially Nasdaq (below).
ES First Level Support = 1872.00 (maj poc)
ES Second Level Support = ES 1835.50 (previous poc)
Stocks>50dyma numbers: Nyse 60% (from 62%), Nasdaq 41% (43%), R2000 47% (from 50%). Numbers >50 are considered supportive.
Sentiment: My version of the Rydex Assets Ratio was lower at 6.30 (from 6.65). VIX closed at 11.36 on Friday which was the lowest since March 2013.
Supporting Charts (+ or – shown as implied bias for equities)
+ KEY Chart Financial Sector XLF: now printing above 22.04, its Major 1/2R level.
EURJPY: chart is printing below 140.96, the 1/2R off Dec high in a weak price location.
– Bonds TLT: strong price location and on Wednesday printed its highest level since June last year.
Dollar Index: strong price location above 79.76, the maj poc and has printed a 36day high on Wednesday.
Gold GLD: pre-open today has printed its lowest level since early February.
Oil USO: printing above 37.31, the 1/2R off 2011 high, and last week reached its highest level since September.
EURUSD: below 1.3673 (12mn poc) in weak price location.
![S&P 500 emini pre-open 29th May](https://chartprofit.com/wp-content/uploads/2014/05/es-pre-open-05-29-300x181.gif)