S&P 500 emini pre-open Tuesday 17th June

S&P 500 emini pre-open Tuesday 17th June

posted 0848 a.m. est

dayframe: Looking at the ES Sep contract in isolation, the 1/2R of this month’s high is at 1932.50 which may be intraday Support or Resistance today. Price below 1922.50, our dayframe Support, would be a minor sign of weakness. Note that this was almost the exact low during Monday’s session.

Stock Index ETFs: Momentum (although positive) has turned down for all four major charts. Key Chart IWM is currently 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 68% (unch), Nasdaq 61% (from 59%), R2000 61% (unch). Numbers >50 are considered supportive.

Sentiment: My version of the Rydex Assets Ratio was slightly higher at 9.40 which is the highest ratio in my database. The Rydex traders are extremely bullish and historically this has been a warning for the market.

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: 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: Has rallied back but remains in a weak price location below 124.12, the 2yr poc.
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.