S&P 500 emini pre-open Wednesday 9th July

posted 09.20 a.m. est

See yesterday’s highlighted comments. ES opened just above 1966.50 (12dy poc) and immediately sold off which was a weak intraday indication. In the longer timeframe Bulls would hope First Level Support at 1949 holds or is quickly rejected if tested.

IWM broke its 5mn Support at 117.15 and prints below that level pre-open today. It would ST positive if IWM could recover that level.

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

Stocks>50dyma numbers: Nyse 70% (from 75%), Nasdaq 63% (from 73%), R2000 68% (from 75%). Numbers >50 are supportive.

Sentiment: My version of the Rydex Assets Ratio was sharply lower at 8.34 (from 9.95). Bear fund assets that I follow were up 20%. This might help the ST bull case but ES must hold 1949. The highest ratio in my database 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.
Dollar Index: sold off in June but found Support last week at the 79.76 maj poc. Dollar bulls would want to see this level hold.
Gold GLD: The 30mn poc migrated to 127.00 last week. Pre-open today chart prints just above this level.
Oil USO: Tuesday’s low was 37.97 with the maj poc Support at 37.96. Bulls would want to see this level hold and Momentum turn back up.
EURUSD: Last week the 12mn poc migrated slightly to 1.3602. Chart prints almost at that level today.