S&P 500 emini pre-open Tuesday 8th July

posted 09.06 a.m. est

Dayframe: a very minor (10day) poc has developed at ES 1966.50 and today’s pre-open low has been at that level. Price printing time below that minor Support post-open would suggest a test of 1949 but so far there’s been no markable response from the Sellers at this higher price range.

Momentum for SPY, DIA and QQQ has turned up but for IWM remains down. There is 5mn Support for IWM at 117.15, just below current price, and this is also a useful level to monitor today.

ES First Level Support = 1949.00 (3mn poc)
ES LT Support = 1872.00 (maj poc)

Stocks>50dyma numbers: Nyse 75% (from 80%), Nasdaq 73% (from 81%, R2000 75% (from 83%). Numbers >50 are considered supportive.

Sentiment: My version of the Rydex Assets Ratio recorded 9.95. There is only one reading higher than this in my database which was on 06/26 at 10.07.

Supporting Charts:
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 above 107.24, the 2yr poc, but printed a 46day low on Thursday.
Dollar Index: sold off in June but has found Support last week at the 79.76 maj poc. Dollar bulls would want to see this level hold. Momentum is negative.
Gold GLD: The 30mn poc migrated to 127.00 last week. Pre-open today chart prints just above this level.
Oil USO: printing above 37.96 maj poc in a strong price location. Momentum (although positive) is down.
EURUSD: Last week the 12mn poc migrated slightly to 1.3602. Chart prints just below this level today.