Pre-open comment Monday 25th July
Chartprofit Market Timing System remained negative for both Nyse and Nasdaq Market Charts.
%Stocks>50dyma ended the week well above the 50 mark for both.
Last week saw Buyers Aggressively auction ES higher to probe the LT VAH which currently comes in at 1343 (SPY 134.79).
Bullish: ES holds above 1327 or stalls here to print enough time at 1327 to lift the major poc back to this level (and therefore lifting the VAH higher). Note that overnight ES has tested the 1327poc, currently printing just above that level.
Bearish: The probe above LT_VAH is quickly rejected, followed by Significant Selling below 1315.
First Level S/R = 1327 (prev poc) (132.18 SPY)
Support = 1315 (maj poc) (131.95 SPY)
Sentiment: Currently Sentiment indicators are reading neutral, i.e. close to the middle of their range of readings over the last six months.
Supporting Charts (+ or – or ? for equities).
+ EURUSD: Recently rejected a probe into the band of maj LT support between 1.3920 to 1.3965. Printed a 12dy high on Friday.
+ Dollar Index: In a weak position below the 74.96 poc and printed a 29dy low on Thursday.
? TLT: has spent the last two weeks oscillating around the 3yr_poc at 96.28.
imo these charts currently have a positive ST bias for equities.
