S&P 500 emini pre-open Thursday 12th June

posted 09.19 a.m. est

Dayframe: The minor (19day) poc migrated to 1947.0 and this is now First Level Resistance. I would want to see that poc migrate lower or see ES print above 1947.0 before considering new long trades but only price below 1872 would be a sign of weakness in the LT. ST Bulls would want to see Key Chart IWM holding the 114.0 Support (1/2R off March high).

ES First Level Resistance = 1947.00 (min poc)
ES First Level LT Support = 1872.00 (maj poc)

Stocks>50dyma numbers: Nyse 72% (from 76%), Nasdaq 61% (from 63%), R2000 65% (from 69%). Numbers >50 are considered supportive.

Sentiment: My version of the Rydex Assets Ratio was higher at 8.30. I only have one reading higher than this in the database which was 8.39 on 03/13. This is a concern even though Total Assets I follow are still 20% lower than at the March high. VIX closed at 11.6. Friday’s 10.73 was the lowest close since Feb 2007

Dollar Index and Bonds (TLT) have held LT strong price location which is a LT concern for equities, see below.

Financial Sector XLF: 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: lower last week but on 05/29 chart printed its highest level since June last year and remains in a strong price location although Momentum is negative and down.
Dollar Index: Holds a strong price location above 79.76, the maj poc.
Gold GLD: Last Tuesday printed its lowest level since January and remains in a weak price location
Oil USO: printing above 37.96 in a strong price location.
EURUSD: looks to have formed a lower high at 1.3673, the 12mn poc, which is a weak pattern.