S&P 500 emini pre-open Monday 16th June

S&P 500 emini pre-open Monday 16th June

posted 09.12 a.m. est

Note: we are now following the ES Sep contract.

Friday closed below the Mon-Wed Hi-Lo Range indicating Sellers Active on the weekly timeframe but the weely bar was overlapping/higher so this is not Effective Selling on this timeframe. On Friday I marked Reactive Buying (green-at-bottom) on a probe of the dayframe Support at 1922.50, see previous highlighted comments.

ST Bulls would want to see Key Chart IWM holding the 114.0 Support (1/2R off March high).

ES First Level Resistance = 1947.00 (min poc)
ES First Level LT Support = 1872.00 (maj poc)

Breadth: CP market Timing System. Nyse stayed positive, Nasdaq and R2000 stayed negative and U.K. turned negative from positive.
Stocks>50dyma numbers: Nyse 68%, Nasdaq 59%, R2000 61%. Numbers >50 are considered supportive.

Sentiment: My version of the Rydex Assets Ratio ended the week at 9.13 which is the highest ratio in my database. The Rydex traders are extremely bullish and historically this has been a warning for the market.

Dollar Index and Bonds (TLT) have held LT strong price location which is a LT concern for equities, see below.

Financial Sector XLF: printing above 22.04, its Major 1/2R level.
EURJPY: chart is printing below 140.96, the 1/2R off Dec high in a weak price location.
Bonds TLT: Remains in a strong price location although Momentum is negative and down.
Dollar Index: Holds a strong price location above 79.76, the maj poc.
Gold GLD: Rallied back last week but remains in a weak price location below 124.12, the 2yr poc.
Oil USO: printing above 37.96 in a strong price location.
EURUSD: looks to have formed a lower high at 1.3673, the 12mn poc, which is a weak pattern.