posted 9.27 a.m. est
Pre-open comment Friday 17th June
Wednesday’s red-at-bottom was tested in the pm on Thursday but ES bounced quickly back. Long Trades eliminated for me. First sign of ST strength comes if ES can print some time back above the 1282.50 poc; pre-open high 1277.25.
Sentiment numbers reached more bearish extremes indicating that a bounce at least is likely. LT analysis remains negative.
First Level Resistance = 1282.50 (17dy poc) (129.67 SPY)
First Level Support = 1266 (minor poc)
LT Sentiment: Investor’s Intelligence (newsletters) poll saw Bulls at 37% and Nett (Bulls minus Bears) at 11, both the lowest numbers since September last year.
ST Sentiment: My version of the Rydex Assets Ratio was lower again – down to 2.1, the lowest level since November. The ISEE (equity-only) index came in with another low number at 108 which is the lowest single reading since August 2010.
Supporting Charts (+ or – or ? for equities).
– EURUSD: Chart printed a 15day low yesterday and Momentum (PriceOsc) is down.
– Dollar Index: 15day high yesterday although chart found resistance off the descending trendline off the major high a year ago. Momentum (PriceOsc) is up.
? TLT: Appears to be oscillating around the 3yr poc at 96.28. Momentum (PriceOsc) ticked up.
imo these charts are mixed but probably have a negative ST bias for equities.
