pre-open comment Monday 15th July
The four stock index ETFs are in a much stronger price location. Price Osc is back above zero for these charts indicating trend is up. See charts in today’s Ebook for relevant poc levels that must hold to maintain strong price location.
ES: Friday closed above Mon-Wed Hi-Lo Range which indicates Buyers Active on this timeframe for the second week running. Last week I marked Significant Buying once. No Significant Selling has been marked for fifteen days.
1st Level Support = ES 1645.00 (4mn poc)
Chartprofit Market Timing System: Nyse turned positive (from negative), Nasdaq stayed postive, R2000 stayed postive.
Stocks>50dyma numbers: Nyse 70%, Nasdaq 77%, R2000 80%. Numbers >50 are considered supportive. Numbers >80 are considered overbought.
Supporting Charts
Bonds TLT: w/e 07/05 chart printed its lowest level since Sep 2011. Bounced very little since then. Price Osc has been below zero since early May which is trend down.
Oil USO: Oil USO: has advanced high enough to probe above the 1/2R off 2011 high at 37.31. Momentum is positive and up.
Gold GLD: has rallied a little from the low on 06/28 which was its lowest level since Aug 2010. Momentum (although negative) is up.
Silver SLV: w/e 06/28 chart printed its lowest level since Aug 2010. Momentum (although negative) is up.
Dollar Index: Last week printed its highest level since July 2010 but declined sharply from there to test Support at the 12mn poc at 82.73. Printing above that level today.
EURUSD: Rallied sharply since testing the maj poc Support at 1.2777 early last week. The 9mn poc at 1.3075 has been probed but chart is printing below that level today.
