Pre-open comment Friday 15th July
Aggressive Selling (red-at-bottom) was marked for the first time in 13days. This eliminates long-side for me until Significant Buying is marked again. Pre-open ES has
rallied as high as 1313.50.
Dayframe: There is dayframe Resistance at 1315 (minor poc). If ES prints time above that level it would indicate more ST strength than I would expect if there is to be a weak end to this week.
1st Level S/R = 1310 (1/2R off May high) (131.68 SPY)
2nd Level Resistance = 1315 (min poc)
Major Resistance = 1327 (maj poc) (132.18 SPY)
LT Sentiment: AAII (public) poll reported Bulls% down slightly at 39.3 (41.8) and Bears% up to 29.2% (from 24). However, the 4wkma of the nett rose to 9.28, the highest since w/e 04/22. OEX_Calls%10dyma rose to it’s highest level since 02/22. Note that this is usually considered to be a smart-money indicator.
ST Sentiment: My version of the Rydex Assets Ratio was down slightly to 3.40. Yesterday the ratio reached a 30day high.
Supporting Charts (+ or – or ? for equities).
? EURUSD: printed a 4month low on Tuesday and tested the band of maj LT support between 1.3920 to 1.3965. Currently prints above that support.
? Dollar Index: printed a 4month high on Tuesday but currently prints back below the 75.65 poc.
+ TLT: Surprisingly prints back below the 3yr_poc at 96.28.
imo these charts are currently mixed for equities.
