As shown in Friday’s video ES recently found Support at 2041, the controlling price of the current distribution. Pre-open today there has been a spike higher in European markets with ES rallying back to the 2087 Resistance and one hour pre-open that is where ES is printing. Significant Buying marked above this level would be a real positive.
First Level Support/Resistance = 2087.00 (maj poc)
Second Level Support = 2041.00 (poc of current distribution)
Market Charts: All major U.S. Market Charts remained positive. U.K. turned negative.
Stocks>50dyma numbers: Nyse 50%, Nasdaq 46%, R2000 53%, UK 27%. Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio ended the week at 5.01. On 04/26 the ratio reached 5.27 which was the highest level since early January. On 02/19 the ratio fell to 2.64 which was the lowest since November 2012.
Supporting Charts:
Bonds: Last week TLT printed its highest level since early 2015 but futures indicate a weaker open today.
Dollar Index: is today printing back below 93.95, the 1/2R off the May low in a weaker price location.
Gold: last week GLD printed its highest level since August 2014
Oil: 06/09 USO printed its highest level since November and remains in an LT uptrend as long as it holds above 10.78.
EURUSD: is today printing back above 1.1313, the 4yr poc, in a stronger price location.There is Support just below 1.11 which is the 1/2R off last year’s low. Price below that level would suggest further weakness.
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