The major poc for the S&P 500 e-mini has just migrated to 2054.50 and for SPY it is now 205.40. These levels are now major Support for these charts.
Price below these points would indicate weakness but currently both charts are in a strong price location.
Please read previous highlighted comments on graphic. ES opened below 2063.50, the minor 1/2R, and immediately auctioned above it putting the chart in a ST stronger price location. This is now First Level Support. Breadth numbers improved, see below.
First Level Support = 2063.50 (minor 1/2R off April high)
Second Level Support = 2054.50 (maj poc)
Third Level Support = 2041.00 (9mn poc)
KEY Charts. IWM: The 1/2R off last years high is at 111.38. Chart closed above that level on Monday in a stronger price location. QQQ: Major poc is at 105.13. This has been Support recently. Price below that level would indicate weakness.
Stocks>50dyma numbers: Nyse 58% (from 45%), Nasdaq 54% (from 46%), R2000 60% (from 48%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 3.94. Monday’s ratio at 3.65 was a 46 day low. The extreme low for the ratio was on 02/19 when it fell to 2.64 which was the lowest since November 2012. This is a contrarian indicator.
Supporting Charts:
Bonds: TLT broke below 130.77, the 8mn poc, last week which put it in a weaker price location. Tuesday’s close was below this level.
Dollar Index: Now printing back above 94.79, the 2yr poc, in a stronger price location. Has today printed its highest level since late March.
Gold: GLD – sharply lower on Monday and broke below 118.22, the major poc which puts the chart in a weak price location.
Oil: futures have today printed the highest level since October.
EURUSD: has this week broken below 1.1198, the 3yr poc Support. Time below this level would indicate further weakness.
Click image to enlarge
