Weekly Structure: ES closed the week within the Mon-Wed Hi-Lo range which indicates no bias on this timeframe. Previous week saw Buyers Active.
Last week I marked Significant Selling twice (on Monday) and Significant Buying four times. All of this occured above the 1307 poc which is a stronger price location. The next indication of chart strength would be ES printing time above 1334.50, the 1/2R off this year’s high. I am also closely monitoring the same 1/2R levels for SPY=134.67 and DIA=126.66.
The Chartprofit Market Timing System remained negative for Nyse and Nasdaq but turned neutral (from negative) for the UK. The %Stocks>50dyma numbers are improving for all major Market Charts but have not yet printed above the 50% level. If that happens it would be a positive confirmation of the improving ST analysis (shown here) over the last two weeks.
First Level S/R = 1334.50 (1/2R) SPY = 134.67
Support = 1307 (poc)
Sentiment: My version of the Rydex Assets Ratio finished the week at 2.98. Previous week the ratio reached 2.25 which was a four month low.
Supporting Charts (+ or – or ? for equities). UNCHANGED VIEW
(Momentum = daily PriceOsc)
? EURUSD: Chart printing below the Major poc at 1.2777 but momentum is up. There is Support on this chart at 1.2570, the minor poc.
? Dollar Index: Prints well above the important level at 80.15 but momentum is down.
? TLT: momentum is down. There is minor Resistance on this chart at 127.50, the 1/2R off June high. Price printing back above this level would put TLT back in a (surprisingly) strong price location.
daily technicals suggest the possibility of a turn here – therefore imo, in the ST, there is no obvious bias for equities
