Strictly applying my rules I marked Aggressive Buying (green-at-top) on Thursday. The Value Area was narrower on less Volume but was the third printed above 2095.00, the 10mn poc. ES needs to hold this level to maintain a strong price location.
First Level Support = 2095.00 (10mn poc)
Second Level Support = 2080.25 (1/2R off May high)
Stocks>50dyma numbers: Nyse 45% (from 40%), Nasdaq 51% (from 47%), R2000 54% (from 50%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 10.18. Up from Tuesday’s 8.67 which was an eight month low.
Supporting Charts:
Bonds TLT: on Wednesday chart closed above 117.14, the maj poc. Futures point to a higher open for TLT.
Dollar Index: is today printing above 96.76, the 1/2R off March high in a strong price location.
Gold GLD: on Wednesday tested below the March low to print its lowest level since April 2010.
Oil USO: the 16mn poc recently migrated to 20.24. USO closed below that level for seven consecutive days and last week fell heavily. The 1/2R off the March low is at 18.55 and this is now Resistance. Closed on Thursday at its lowest level since March.
EURUSD: is today printing below 1.1340, the 12mn poc, and below 1.0961, the 1/2R off March low, in a weak price location.
