S&P 500 emini pre-open Friday 23rd May

posted 09.05 a.m. est

Pre-open comment Friday 23rd May

Price above important poc levels for ES, SPY, DIA, QQQ is a short term indication of strength that needs to be confirmed by improved breadth and stronger price location for IWM which I’m seeing as the key chart/level here, see below.

First Level Support = 1872.00 (maj poc)
Second Level Support = ES 1835.50 (previous poc)

Index ETFs, Pre-open: Key Chart IWM is printing below 111.48 (12mn poc), SPY is printing above 187.73 (major poc), QQQ is printing above 86.32, (8mn poc) and DIA is printing above 163.40 (2yr poc).

Stocks>50dyma numbers: Nyse 50% (from 47%), Nasdaq 31% (from 27%), R2000 33% (from 28%). Numbers >50 are considered supportive.

Sentiment: My version of the Rydex Assets Ratio was lower at 6.44.

Supporting Charts (+ or – shown as implied bias for equities)
? KEY Chart Financial Sector XLF: closed yesterday at 21.97 its 2yr poc. Major 1/2R level is at 22.04.
– KEY Chart EURJPY: chart is printing below 140.96, the 1/2R off Dec high.
– KEY Chart Bonds TLT: last week printed its highest level since June last year.
Dollar Index: printing above the maj poc at 79.76, having recently tested last year’s low (78.92). Is today printing a 33day high.
Gold GLD: Pre-open GLD is printing very close to 124.12, its two year poc.
Oil USO: printing above 37.31, the 1/2R off 2011 high, and has this week reached its highest level since September.
EURUSD: Test above the March high was rejected and chart fell back to the 1.3673 Support (12mn poc) which it has now broken.

S&P 500 emini pre-open Friday 23rd May