S&P 500 emini pre-open Friday 6th June

S&P 500 emini pre-open Friday 6th June

Pre-open comment posted at 08.34 a.m. est

Early in Thursday’s session a brief probe below Dayframe Support at 1922.50 was rejected, see chart, and Aggressive Buying was marked later in the day. Significant Buying has been marked four times in six days and no Significant Selling marked for eleven days. Breadth numbers improved significantly, see below.

Dayframe Support = 1922.50 (min poc)
ES First Level LT Support = 1872.00 (maj poc)

Key Chart IWM closed above 114.0 (1/2R Resistance off March high).

Stocks>50dyma numbers: Nyse 71% (from 62%), Nasdaq 52% (from 39%), R2000 59% (from 42%). Numbers >50 are considered supportive.

Sentiment: My version of the Rydex Assets Ratio was lower at 6.91. The highest ratio being 8.39 on 03/13.

Supporting Charts (+ or – shown as implied bias for equities)
+ KEY Chart Financial Sector XLF: printing above 22.04, its Major 1/2R level.
EURJPY: chart is printing below 140.96, the 1/2R off Dec high in a weak price location but Momentum (although negative) is up.
– Bonds TLT: lower this week but last week chart printed its highest level since June last year and remains in a strong price location. Momentum (although positive) is down.
Dollar Index: strong price location above 79.76, the maj poc and Thursday printed its highest level since early February.
Gold GLD: On Tuesday printed its lowest level since January.
Oil USO: probed the poc at 37.96 but has printed little time time above this Resistance. Momentum (although positive) is down.
EURUSD: consolidating below 1.3673 (12mn poc) in a weak price location