S&P 500 emini pre-open Monday 2nd June

S&P 500 emini pre-open Monday 2nd June

Pre-open comment posted 09.18 a.m. est

Last week was a positive week with Friday closing above the Mon(or Tue)-Wed Hi-Lo Range indicating Buyers Active on the weekly timeframe. Significant Buying was marked once and no Significant Selling. Large Cap indices broke out helped by a strong performance fro the technology Sector.

The four major stock index ETFs all have increasing and positive Momentum (PriceOsc). IWM is still having difficulty with the 114.0 Resistance (1/2R off March high) and this is a Key chart again this week. 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)

Breadth. CP Market Timing System: Turned positive for Nyse, remained negative for Nasdaq and R2000 and turned positive for U.K.
Stocks>50dyma numbers: Nyse 62%, Nasdaq 42%, R2000 47%, U.K. 59%. Numbers >50 are considered supportive.

Sentiment: My version of the Rydex Assets Ratio ended the week at 7.10 which is historically a high number. The highest being 8.39 on 03/13. VIX closed at 11.40 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: last week printed its highest level since June last year and remains in a strong price location. Momentum (although positive) turned down.
Dollar Index: strong price location above 79.76, the maj poc and printed a 36day high last Wednesday.
Gold GLD: last week printed its lowest level since January.
Oil USO: 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.