Support was found at the 10mn Time Support at 2095.50 on Tuesday and has held so far (see chart). As long as ES prints above this level it is in a strong LT price location. On Wednesday I marked Aggressive Buying, These green-at-top highs are tested 80% of the time within a day (or two). There has been no Significant Selling marked for twelve days. Breadth numbers are still below 50% – it would be a positive to see these improve.
Dayframe: price relative to the minor price band between 2117.50 (20dy poc) and 2115.00 (1/2R off May high) could provide a clue re ST strength/weakness.
Minor First Level S/R = 2117.50 (20dy poc)
Major Support = 2095.50 (10mn poc)
Stocks>50dyma numbers: Nyse 46% (from 47%), Nasdaq 49% (from 48%), R2000 44% (unch). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was almost unchanged at 10.89. The highest ratio in the database was at 14.06 on 03/02
Supporting Charts:
Bonds TLT: last week printed its lowest level since November and probed the 12mn Support 119.26. Further Support at 117.14, maj poc.
Dollar Index: printing back above 94.67, the 12mn poc which is strong price location and currently printing above 96.76, the 1/2R off March high.
Gold GLD: last week a probe into the Resistance at 117.60, the 1/2R off the November low, was rejected and on Tuesday broke below 115.12, the 12mn poc indicating further weakness.
Oil USO: earlier this month printed its highest level since December and since early April has been printing above 18.39, the 12mn poc, in a stronger price location but Momentum (PriceOsc) is down and now negative.
EURUSD: currently printing back below the major 1/2R (1.1241) in a weak price location
