pre-open comment Monday 11th June
Last week I marked Significant Buying three times and Significant Selling once. On Friday the session low was on the obvious Support at 1307 (major poc) and a second Value Area was printed above that level which is encouraging. ES closed the week higher than the Mon-Wed Range High which confirms Buyers Active on this timeframe. Overnight ES has probed higher, above 1341, the 1/2R Resistance off the March high, but pre-open prints back below that level.
The Chartprofit Market Timing System remained negative for all Major Market Charts and the %Stocks>50dyma numbers are less than 50 for these charts. So, we had some bullish progress last week as yet unconfirmed in these indicators. Bulls would want to see ES hold above 1307 at the start of this week.
First Level Resistance = 1341 (1/2R off March high – June contract)
First Level Support = 1307 (poc)
Sentiment: My version of the Rydex Assets Ratio finished the week at 2.83. Tuesday’s ratio at 2.25 was a four month low.
Supporting Charts (+ or – or ? for equities).
(Momentum = daily PriceOsc)
? EURUSD: Chart printing below the Major poc at 1.2777 but momentum has turned up.
? Dollar Index: Prints well above the important level at 80.15 but momentum has turned down.
? TLT: w/e 1st June the chart printed a new high but momentum has turned down.
daily technicals suggest the possibility of a turn here – therefore imo, in the ST, there is no obvious bias for equities
