Pre-open comment Monday 13th June
On Friday ES developed down to an average weekly Hi-Lo range of 32, see Thursday’s pre-open comments (highlighted).
Last week I marked three instances of Significant Selling and one instance of Significant Buying, Weekly Value Area was lower. The Chartprofit Market Timing System remained negative for all Major Market Charts.
At the start of this week the most important level to monitor is the 12day poc at 1282.50. The first (minor) sign of strength would be ES printing some time above that level. Long Trades eliminated for me since Close on 1st June.
First Level Resistance = 1282.50 (12dy poc)
Major Resistance = 1327 (6month poc)
ST Sentiment: My version of the Rydex Assets Ratio ended the week at 2.35, a 55day low. Generally, Sentiment readings are consistent with those usually associated with market lows of some degree.
Supporting Charts (+ or – or ? for equities).
? EURUSD: Daily momentum (PriceOsc) turned down on Friday. Minor 1/2R off May high at 1.4455 is a potential level of Resistance.
? Dollar Index: Daily momentum (PriceOsc) turned up on Friday. Minor 1/2R off May high at 74.53 is a potential level of Support.
– TLT: Daily trend is up.
imo these charts are mixed and it is difficult to determine a ST bias for equities.
