S&P 500 emini pre-open Monday 30th June
posted 09.19 a.m. est
Although both the Significant Sellers and Buyers were active, ES made little progress last week. As I have written before, when both Significant groups are active but ineffective in the ST it usually suggests that current price is centred around an important (or more likely developing) poc. In this case the level is 1949.00 and on Friday this became the 3mn poc. As I wrote at this time last week and can write again here “will this level provide Support at the start of this week”? Bulls would hope the answer is yes. See Friday’s comments highlighted on graphic.
Stock Index ETFs. In the ST the Key chart is SPY and Key level is 194.83, 35day poc. Bulls would want to see this level hold especially with the current Sentiment reading, see Rydex data below. In the LT bulls would want to see 114.00 (1/2R) on the IWM chart hold.
ES First Level S/R = 1949.00 (3mn poc)
ES LT Support = 1872.00 (maj poc)
Breadth: CP Market Timing System – Nyse, Nasdaq and R2000 all stayed postive. U.K. stayed negative.
Stocks>50dyma numbers: Nyse 76%, Nasdaq 69%, R2000 73%, UK 39%. Numbers >50 are considered supportive.
Sentiment: My version of the Rydex Assets Ratio ended the week at 9.67. Thursday’s ratio at 10.07 is the highest in my database.
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 LT price location. Momentum turned positive.
Dollar Index: Holds a strong price location above 79.76, the maj poc but Momentum is negative.
Gold GLD: On 06/19 Gold posted its biggest one day jump in nine months and GLD now prints in a strong/stronger price location above 124.12, the 2yr poc. Consolidation above this level this level would be a sign of further strength.
Oil USO: printing above 37.96 in a strong price location and approaches the September high at 39.54. Momentum (although positive) is down.
EURUSD: The 12mn poc moved lower to 1.3532 recently and currently chart is holding that Support.
- S&P 500 emini pre-open 30th June