S&P 500 emini pre-open Friday 30th May

posted 09.10 a.m. est
Pre-open comment Friday 30th May

The minor (11dy) poc at 1909 was very briefly tested (and rejected) early in Thursday’s session indicating ST strength, see yesterday’s highlighted comments. ES rallied from there and Aggressive Buying was marked. These green-at-top highs are tested within a day (or two) 80% of the time.

The four major stock index ETFs all have increasing and positive Momentum (PriceOsc). Key chart IWM has stalled just below 114.0, the 1/2R off March high. Price above this level would be a further positive.

ES First Level Support = 1872.00 (maj poc)
ES Second Level Support = ES 1835.50 (previous poc)

Stocks>50dyma numbers: Nyse 63% (from 60%), Nasdaq 44% (from 41%), R2000 50% (from 47%). Numbers >50 are considered supportive.

Sentiment: My version of the Rydex Assets Ratio was higher at 6.75 which is historically a high number. The highest being 8.39 on 03/13. VIX closed at 11.57 close to 11.36 recorded a week ago 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 but Momentum (although negative) has turned up.
– Bonds TLT: strong price location and on Thursday printed its highest level since June last year.
Dollar Index: strong price location above 79.76, the maj poc and printed a 36day high on Wednesday.
Gold GLD: pre-open today has printed its lowest level since early February.
Oil USO: this week has probed the poc at 37.96 but has printed little time time above this Resisatance
EURUSD: consolidating below 1.3673 (12mn poc) which is weak price location.