Pre-open Monday 21st June
Longframe: Long positions are eliminated for me because the ChartProfit Market Timing system stayed negative (red) for the seventh consecutive week.
However the last daily imbalance was Buying (green) – see chart and last week’s structure was bullish, i.e. low on Monday and high on Friday.
Dayframe: Useful reference level today is the ES 1/2R from April high at 1122.12. ES will gap open above this level today – can it hold above?
SPY equivalent is 113.25.
ES 14dy poc at 1106.5 is First Level support.
ES Major poc at 1094 is Second Level support.
LT Sentiment: A long way from indicating a sell and still suggests any downside would be limited but there was a surprisingly large increase in optimism from the AAII (public poll) and the mutual fund flow data from amgdata.
ST Sentiment: My version of the Rydex Assets Ratio was down from 1.8 to 1.6.
VIX closed at a 30day low.
Supporting Charts (technicals based on daily Price Oscillator)
? USDJPY: found support on Friday just above the 90.21 poc and has rallied.
+ EURUSD: now printing back above the 1.2133 major halfway level and the Price Osc is increasing.
? UDX: Found support today at the 85.14 poc but Price Osc fell every day last week.
? as long as TLT holds above the 95.22 poc it is in a strong position but is down today.
these charts are mixed and imo their influence is uncertain for equities in the short term.
