S&P 500 emini pre-open Monday 11th August
posted 09.12 a.m. est
Both the Significant Buyers (green) and Sellers (red) were active last week which is unusual and indicates a minor struggle for control. However, all Value Areas were generated below 1949, the 4mn poc, and therefore in the longer timeframe the Selling can be considered Aggressive and the Buying Reactive. How strong the Buyers are at this point will depend on whether they can auction ES back above 1949 – price below this level is weak price location.
ES First Level Resistance = 1949.00 (4mn poc)
ES First Level Support = 1872 (maj poc)
Key Charts are currently holding the Support levels previously discussed, see previous highlighted comments. This is critical for the Bulls – the following levels should be watched closely. Please review the charts in today’s eBook.
ETFs – Key Charts/Levels: SPY, 3mn poc moved to 192.73. IWM, 2yr poc moved to 111.64. DIA 164.23 (2yr poc). XLF 21.99 (2yr poc). XLK 38.42 (maj 1/2R).
Breadth: CP Market Timing System stayed negative for all major Market Charts
Stocks>50dyma numbers: Nyse 30%), Nasdaq 36%, R2000 33%, UK 23%. Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio ended the week at 6.33 a 50day low. On 07/29 the ratio reached 10.47, the highest in my database. VIX ended the week at 15.77 having reached 17.57 on 08/01, the highest reading since early April. On 07/03 it closed at 10.32, the lowest since Feb 2007.
Bonds TLT: in a strong price location above 112.27, the 10mn poc. Approaching Resistance around 117.00
Dollar Index: in early July chart found Support at the 79.76 maj poc and has moved strongly higher from there. Last week chart reached its highest level since Sep last year.
Gold GLD: the 30mn poc migrated to 124.15. Chart currently prints above that level which is a stronger price location.
Oil USO: printing below 37.96, the maj poc, in a weak price location.
EURUSD: note that the 2yr poc migrated to 1.3525. Chart prints below this level in a weak price location and is also currently printing below 1.3416, the 1/2R off 2010 low.
