S&P 500 emini pre-open Tuesday 15th July

S&P 500 emini pre-open Tuesday 15th July

posted 08.45 a.m. est

Monday generated a higher (albeit very narrow) Value Area entirely above the 1966.50 minor poc. There has been no markable Selling within this higher price range for thirteen days which suggests ES may need to auction higher to find them and despite the concerns (see yesterday’s comments) as long as ES holds above 1966.50 it is in a strong ST price location.

ES First Level S/R = 1966.50 (min poc)
ES First Level LT Support = 1949.00 (3mn poc)
ES Second Level LT Support = 1872.00 (maj poc)

Stock Index ETFs: Key chart IWM is printing below 117.15, the 5mn poc, in a weak price location. Small caps are still underperforming but price above that poc would be a positive.

Stocks>50dyma numbers: Nyse 65% (from 60%), Nasdaq 60% (from 56%), R2000 60% (from 56%). Numbers >50 are supportive.

Sentiment: My version of the Rydex Assets Ratio was lower at 8.88. Bear fund assets that I follow were up 16%. 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 in a strong price location.
EURJPY: chart is printing below 140.96, the 1/2R off Dec high in a weak price location.
Bonds TLT: in a strong ST price location if it holds above 112.27, the 10mn poc.
Dollar Index: sold off in June but found Support at the 79.76 maj poc. Dollar bulls would want to see this level hold.
Gold GLD: sold off on Monday and now prints below 30mn poc in a weaker price location.
Oil USO: closed last week below 37.96, the maj poc, and below 37.30 (1/2R off 2011 high) in a weak price location
EURUSD: printing just above 1.3602, the 12mn poc.