First sign of weakness would be a day session close below 3047.50, Tuesday’s low (dashed line) see highlighted comments. First Level Support is at 2926.0, the 2yr poc. The most important Support is at 2719, the maj poc. ES needs to hold this level to maintain a strong position in the longer timeframe.
FTSE100: has this week broken above 6312, the major 1/2R, which is now Support.
Bonds TLT: A probe of the 6mn Resistance at 165.36 was rejected on 05/22 and TLT sold off. On Thursday TLT also broke below 159.43, the 1/2R Support off March high. Weak position.
Dollar Index: in April/May failed at two attempts to print above the 1/2R Resistance off March high, and then sold off from that rejection. On Thursday also broke below the 3yr Support at 97.38. Weak position.
Sentiment: My version of the Rydex Assets Ratio was higher at 11.15, a 3month high, although considering the rally in the market from the March low, the ratio remains subdued. The index fell to 3.35 on 03/17, the lowest since early 2016. The index reached 28.62 on 12/27, the highest reading in my database.
Stocks>50dyma numbers: Nyse 93% (from 91%), Nasdaq 91% (from 88%), R2000 92% (from 91%). Numbers >50 are supportive.
