Pre-open comment Friday 12th June
As anticipated, the 10mn poc has migrated to 2107.00. This is now the level to monitor and Bulls would want to see time printed above this level. More in webcast.
Key Chart SPY found Support on Tuesday close to 207.92, its 9mn TS, and has rallied.
potential Support or Resistance = 2107.00 (10mn poc)
Stocks>50dyma numbers: Nyse 44% (from 43%), Nasdaq 57% (unch), R2000 53% (from 52%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was lower at 9.14 which is close to the 7mn low at 9.0. Bull fund assets that I follow are at a a 7month low and Bear fund assets that I follow are up nearly 20% this week. These are contrarian indicators. The highest ratio in the database was at 14.06 on 03/02
Supporting Charts: see today’s webcast.
