pre-open comment Monday 24th June
Last week I marked Significant (Aggressive) Selling twice and no Significant Buying. Please see previous comments highlighted on graphic.
SPY closed on Friday below Mon-Wed Hi-Lo range which indicates Sellers Active on the weekly timeframe. Three weeks ago Sellers were marked as active on this timeframe for the first time this year.
ES has next Support at the 11mn poc at 1548. Price below this level would be very weak location. Next Level ETF Support as follows: SPY 155.80; DIA 144.24; QQQ 68.62; IWM 93.62.
Breadth: CP Market Timing System turned negative (from neutral) for Nyse and R2000; Nasdaq turned neutral (from positive) and UK remained negative.
%Stocks>50dyma numbers: Nyse 35%, Nasdaq 54%, R2000 53%, UK25%. Numbers >50 are considered supportive. Numbers >80 are considered overbought.
Support = ES 1548 11mn poc)
Sentiment: My version of the Rydex Assets Ratio ended the week at 3.53, a forty day low. I’m watching the ratio relative to its 5month low which was 3.27 printed on 25th April.
Supporting Charts
Bonds TLT: Pre-open today has printed its lowest level since Sep 2011.
Oil USO: Printing below the 34.20 area of S/R. Momentum is positive but has turned down.
Gold GLD: Last week printed its lowest level since Sep 2010.
Silver SLV: Last week printed its lowest level since Sep 2010.
Dollar Index: Held maj Support which is the major poc at 80.15. Momentum is negative but up.
EURUSD: Momentum is positive but has turned down and today is testing minor Support at 1.3081, 1/2R off April low.
