posted 9.25 a.m. est
Pre-open Monday 14th June
Note: Following the September contract now.
Longframe: The major Market Timing charts stayed negative for the sixth consecutive week.
Dayframe:
Significant Buying was marked on Thursday and Friday last week but on both days the Value areas narrowed – this was not Effective Buying. Effective Buying marked above the 1082 poc would put Buyers in control of the dayframe for the first time since 27th April.
First Level S/R today is the 1082 poc.
Second Level Resistance is the Major 1094 poc.
LT Sentiment: Extreme bearish readings (i.e. suggesting limited downside) came in last week from:
amgdata.com which reported a net Equity Fund 4wk outflow of -$21.1 Bill, the highest 4wk outflow since the March 2009 market low; and the ISEE (equity only) index 10dayma reached 144.5 on Friday, the lowest since June 2009.
Last Monday (7th June) the OEX Calls% 10dayma reached the highest level since March 2009. This is normally considered to be a Smart-Money indicator.
ST Sentiment: My version of the Rydex Assets Ratio was unchanged at 1.3. VIX closed at a 20day low.
Supporting Charts (technicals based on daily Price Oscillator)
? USDJPY: prints above the 90.21 poc.
? EURUSD: today has printed back above the 1.2133 major halfway level and the Price Osc is increasing.
? UDX: prints below 87.84 and the Price Osc is falling. Chart looks ikely to fall back to the support at 85.14.
– as long as TLT holds above the 95.22 poc it is in a strong position.
these charts are mixed and imo their influence is uncertain for equities in the short term.
