Pre-open comment Monday 15th June
Note: this week I will switch to the September contract. Last week the 10mn poc migrated to 2107.00 but time spent at 2095.50 is almost the same and so I will monitor both levels as Time Support/Resistance. Pre-open today the September contract is printing below 2095.50 in a weak price location. I want to see ES back above these levels before considering the long side. Both breadth and price momentum nalso eed to improve. Also, the 4mn VAL comes in just above 2075.00 and this rejected a probe last week but pre-open today the September contract is printing below that level.
Key Charts/Levels this week: SPY 207.92 (9mn); IWM 124.50 (7mn).
First Level Resistance = 2095.50
Second Level Resistance = 2107.00
CP Market Charts: All major Market Charts are negative.
Stocks>50dyma numbers: Nyse 41%, Nasdaq 56%, R2000 51%, UK 50%. Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio ended the week at 10.18. It fell to 9.14 on Thursday which is close to the 7mn low at 9.0. The highest ratio in the database was at 14.06 on 03/02
Supporting Charts:
Bonds TLT: closed on Friday just above 117.14, the maj poc. Price below this level would be very weak price location.
Dollar Index: currently prints above 94.67, the 12mn Support. Price below this level would be weak price location.
Gold GLD: in May a probe into the Resistance at 117.60, the 1/2R off the November low, was rejected and last recently printed its lowest level since March.
Oil USO: in May printed its highest level since December and since early April has been printing above 18.39, the 12mn poc, in a stronger price location.
EURUSD: currently printing just below 1.1340, the 12mn Time Resistance. Price above this level would be stronger price location.
