S&P 500 emini pre-open 4th June

Pre-open comment Wednesday 4th June

Dayframe: The minor (13day) poc migrated up to 1922.50. Pre-open today ES has printed as low as 1916. A positive development would now be to see that minor poc migrate lower or ES printing back above 1922.50. Price printing 1913.75 would negate any ST positive implications of Monday’s green-at-bottom low.

minor Resistance = 1922.50 (min poc)
ES First Level LT Support = 1872.00 (maj poc)

Pre-open today Key Chart IWM is testing the Support at 111.48 (12mn poc). ST Bulls would want to see this level hold.

Stocks>50dyma numbers: Nyse 62% (from 63%), Nasdaq 37% (from 38%), R2000 40% (from 43%). Numbers >50 are considered supportive.

Sentiment: My version of the Rydex Assets Ratio was higher at 7.44 which is a 38day high and historically a high number. The highest being 8.39 on 03/13. VIX closed at 11.87, close to 11.36 recorded on 05/23 which was the lowest since March 2013.

Supporting Charts (+ or – shown as implied bias for equities)
+ KEY Chart Financial Sector XLF: now printing above 22.04, its Major 1/2R level.
EURJPY: chart is printing below 140.96, the 1/2R off Dec high in a weak price location but Momentum (although negative) is up.
– Bonds TLT: down 2% this week. Last week chart printed its highest level since June last year and remains in a strong price location. Momentum (although positive) is down.
Dollar Index: strong price location above 79.76, the maj poc and on Monday printed its highest level since February.
Gold GLD: On Tuesday printed its lowest level since January.
Oil USO: probed the poc at 37.96 but has printed little time time above this Resistance. Momentum (although positive) is down.
EURUSD: consolidating below 1.3673 (12mn poc) which is weak price location.