posted 9.23 a.m. et
pre-open comment Friday 6th July
If ES can print some time above the 1366 poc (SPY 137.30) it would strongly suggest higher but so far the chart has found Resistance at this level. These are the key levels.
If EURUSD prints a new two year low below 1.2288 then focus may shift to this which woul not be helpful. But although ES is printing close to the low of the week it has not declined too much following the worse than expected jobs report. Pre-open it prints in low 1350s.
First Level Resistance = 1366 (poc) 137.30 (SPY)
First Level Support = 1334.50 (1/2R) SPY = 134.67
My version of the Rydex Assets Ratio was slightly higher at 3.87 (from 3.76) This is a 32day high.
Supporting Charts (+ or – or ? for equities).
(Momentum = daily PriceOsc)
– EURUSD: Prints below the maj poc at 1.2777 and today prints below the minor poc at 1.2496. Weak price location. Today chart prints just above the June low which was a two year low.
– Dollar Index: prints above 82.36, the 1/2R off June high. LT price location is strong above the Major Support at 80.15 and is also in a strong price location in the ST if it can hold above that level.
+ TLT: found Resistance again on Monday at the Minor 1/2R off June high at 127.23 which is ST weak price location. View of this chart could change quickly if this level is exceeded.
charts are mixed but imo imply a slight negative bias for equities.
