Pre-open Monday 3rd August
Aggressive Buyng (green-at-top) was marked twice last week and no Significant Selling.
Over the last 10 months more time (and almost an equal amount of time) has been spent at 2107.00 and 2095.00 than any other level. Both levels are important to monitor. 2107.00 was probed at the high of last week and this is Resistance, see chart. Price printing time above that level would be a big positive and time spent below 2095.00 would be a weaker price location.
Resistance = 2107.00 (poc)
First Level Support = 2095.00 (poc)
Second Level Support = 2080.25 (1/2R off May high )
CP Market Charts: All major Market Charts are negative.
Breadth numbers are not yet supportive.
Stocks>50dyma numbers: Nyse 40%, Nasdaq 38%, R2000 38%, UK 48%. Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio ended the week at 10.35. On 07/14 the ratio reached 8.67 which was an eight month low
Supporting Charts:
Bonds TLT: printing above 117.14, the maj poc. Momentum is positive and up. Closed last week at its highest level since end of May.
Dollar Index: as long as chart holds above 96.76, the 1/2R off March high, it is in a strong price location.
Gold GLD: closed last week at its lowest level since early 2010.
Oil USO: closed last week at a new low
EURUSD: is today printing very close to 1.0961, the 1/2R off March low. Price relative to this level would indicate ST strength/weakness. In the LT there is Resistance at 1.1340 (12mn poc)
