posted 07.25 a.m. est
pre-open comment Friday 26th July
Thursday generated an overlapping Value Area. The 30day poc at 1677 was tested briefly but ES closed towards the high of the session. Two hours pre-open today ES has printed as low 1678. Again today 1677.00 may be intraday Support or Resistance.
1st Level LT Support = ES 1645.00 (4mn poc)
Stocks>50dyma numbers: Nyse 77%, Nasdaq 77%, R2000 82%. Numbers >50 are considered supportive. Numbers >80 are considered overbought.
Sentiment: My version of the Rydex Assets Ratio was down slightly at 3.03. On 07/10 the ratio reached 2.15 which was the lowest ratio since January 2012 and indicated real fear from the retail trader.
Supporting Charts
Bonds TLT: w/e 07/05 chart printed 107.16, its lowest level since Sep 2011. TLT closed on Thursday at 107.48. Momentum is negative and down. Still a weak looking chart.
Oil USO: Lower this week and on Thursday tested the Support at the 1/2R off 2011 high at 37.31. As long as chart holds that level it is in a strong price location but Momentum (although positive) is down.
Gold GLD: printed a 23day high on Tuesday. Momentum is positive and up. The low on 06/28 was the lowest since Aug 2010.
Silver SLV: printed a 22day high on Monday. Momentum is positive and up. w/e 06/28 chart printed its lowest level since Aug 2010.
Dollar Index: On 07/09 printed its highest level since July 2010 but declined sharply from there and is now printing below 82.73, the 12mn poc. Momentum is negative. Dollar Bulls would want to see Momentum turn back and price above 82.73.
EURUSD: Has rallied sharply since testing the maj poc Support at 1.2777 on 07/09 and today has printed a 25day high. As long as 1.3065 holds (the 9mn poc) the chart is in a strong price location. Momentum is positive and up.
