Pre-open Friday 25th June
You will notice that the resistance levels I’ve been posting this week (highlighted on graphic) have been very close to the highs each day. This is a clear indication of dayframe downtrend.
Summary: CP market timing system (weekly) remains negative. Last imbalance was Selling (red). And this week looks like a reversal bar with the high on many indices at 1/2R. That’s a negative technical picture. First minor indication of strength at these levels would be a higher low above 1081.
1081 stays First Level Resistance.
ST Sentiment: My version of the Rydex Assets Ratio was up from 1.62 to 1.78. That’s up again on a down day and as I said pre-open yesterday “No panic here which is probably not bullish”. Bull Fund Assets that I follow were up 12%.
Supporting Charts (technicals based on daily Price Oscillator)
– USDJPY: broken down below the 90.21 poc.
+ EURUSD: printing back above the 1.2133 major halfway level and the Price Osc is increasing.
? UDX: Found support at the 85.14 poc but Price Osc still falling.
– On Wednesday IEF broke above the maj resistance at 94.00 to a new 12month high.
imo these charts indicate a bearish bias for equities.
