Pre-open Friday 26th June
See yesterday’s highlighted comments. On Thursday an early probe of 2107.00 (10mn poc) was rejected and ES sold off to break Wednesday’s red-at-bottom low and test the Support at 2095.00. Little time (so far) has been printed below this level but Aggressive Selling was marked again on Thursday and as mentioned yesterday these red-at-bottom lows are usually tested.
I would want to see Significant Buying printed above 2107.00 before considering new longs (unless that poc level migrates lower). Time spent below 2095.00 would be weaker price location and a negative.
First Level Resistance = 2107.00
Second Level S/R = 2095.00
Stocks>50dyma numbers: Nyse 43% (from 45%), Nasdaq 58% (from 59%), R2000 57% (from 59%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was almost unchanged at 10.12. Last week the ratio fell to 8.78 which was a seven month low.
Supporting Charts:
Bonds TLT: closed on Thursday below 117.14, the maj poc. Price below this level is weak location.
Dollar Index: printing back above 94.67, the 12mn poc, in a stronger price location.
Gold GLD: in May a probe into the Resistance at 117.60, the 1/2R off the November low, was rejected. Price above this level would be first sign of LT strength. GLD remains in a weak location.
Oil USO: Last week the 16mn poc migrated to 20.24. USO closed below that level on Thursday.
EURUSD: is today printing below 1.1340, the 12mn poc
