poste 08.52 a.m. est
ES found day session Support last week at our First Level LT Support at 1949.00. On Friday ES auctioned higher to close above the minor poc at 1967.50 and pre-open today prints close to that area of price. I have that level marked as potential Support or Resistance at the start of this week which may provide a cluse re ST direction. In the LT we can still say that if ES holds above 1949.00 (now proven Support) it is in a strong price location.
ES First Level S/R = 1967.50 (min poc)
ES First Level LT Support = 1949.00 (3mn poc)
Stock Index ETFs: Key chart IWM also found Support last week at the given level of the 2yr poc at 112.30. Price printing time below here would be an indication of further weakness.
Breadth: CP market Timing System stayed neutral for Nyse and stayed negative for Nasdaq, R2000 and U.K.
Stocks>50dyma numbers: Nyse 57%, Nasdaq 49%, R2000 48%, UK 34%. Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio ended the week at 8.15, a nineteen day low. The highest ratio in my database was on 06/26 at 10.07.
Financial Sector XLF: printing above 22.04, its Major 1/2R level in a strong LT price location.
EURJPY: chart is printing below 140.96, the 1/2R off Dec high in a weak price location and on Friday printed its lowest level since February.
Bonds TLT: in a strong ST price location above 112.27, the 10mn poc and pre-open today is printing close to its May high.
Dollar Index: sold off in June but found Support at the 79.76 maj poc. LT Dollar bulls would want to see this level hold.
Gold GLD: last week tested up into Resistance at 127.00, the 30mn poc. Pre-open today is printing below that level.
Oil USO: like GLD this chart printed higher last week but did not overcome the obvious Resistance which, for this chart, is 37.96, the maj poc. Pre-open today prints just below that level.
EURUSD: printing below 1.3602 (12mn poc) in a weak price location.
