S&P 500 emini pre-open Monday 23rd June

posted 08.45 a.m. est

Last week I marked Significant Buying once and no Significant Selling. Early in the week the min poc fell to 1922.50 where ES subsequently found Support and later in the week the min poc moved back up to 1949.00. Will this level provide Support at the start of this week? Pre-open today ES has printed as low as 1952.00.

Positives: Breadth is supportive. Buyers are active and as long as ES holds above 1949.00 it is in a strong ST price location. SmallCaps have started to outperform.
Negatives: VIX printed its lowest level since 2007 indicating a concerning level of complacency; momentum for all four Stock Index ETFs (although positive) is down.

ES First Level S/R = 1949.00 (35dy poc)
ES LT Support = 1872.00 (maj poc)

Breadth – CP market Timing System: Nyse stayed positive, Nasdaq and R2000 turned positive and U.K. remained negative.
Stocks>50dyma numbers: Nyse 76%, Nasdaq 69%, R2000 73%. Numbers >50 are considered supportive.

Sentiment: My version of the Rydex Assets Ratio ended the week at 7.92. On 06/16 the ratio reached 9.40 which is the highest in my database

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 LT price location. Printed a 27day low last Thursday and Momentum is negative.
Dollar Index: Holds a strong price location above 79.76, the maj poc.
Gold GLD: On Thursday Gold posted its biggest one day jump in nine months and GLD now prints in a strong/stronger price location above 124.12, the 2yr poc. Consolidation above this level this level would be a sign of further strength.
Oil USO: printing above 37.96 in a strong price location and approaches the September high 39.54.
EURUSD: the 12mn poc moved lower to 1.3532 and currently chart is holding that Support.