pre-open comment Monday 23rd July
Note: The new low today in the EURUSD and re-ignited eurozone fears mean the U.S. markets will Open much weaker today. I will be uploading a short video about one hour into the session today to review current charts and levels.
The Chartprofit Market Timing System stayed neutral for Nyse and turned negative for Nasdaq (from neutral). On Friday I marked Aggressive Selling below the 1366 poc. New long trades are now eliminated for me at least until Significant Buying is marked again. A number of important charts have broken below Support; these will be reviewed in today’s video.
First Level Resistance = 1348 (5mn poc) SPY=134.67 (1/2R)
First Level Support = 1334.50 (1/2R off March high)
Sentiment: My version of the Rydex Assets Ratio finished the week at 3.57. Recent high for the ratio was 4.40 on 07/10. On Thursday VIX hit a 3 month low.
Supporting Charts (+ or – or ? for equities).
(Momentum = daily PriceOsc)
– EURUSD: new two year low today.
– Dollar Index: new two year high today.
– TLT: new high today.
imo these charts have a negative bias for equities.
