Last week enough time was spent at 2098.50 to migrate the 10mn poc to this level. No Significant Buying or Selling was marked but Friday’s Value Area was printed below this level and pre-open today ES continues to print in this weakened price location. Bulls would want to see ES recover this level as quickly as possible.
Second Level Resistance = 2107.00 (minor poc)
First Level Resistance = 2098.50 (10mn poc)
CP Market Charts: Nyse & UK are negative; Nasdaq and R2000 are neutral.
Stocks>50dyma numbers: Nyse 38%, Nasdaq 54%, R2000 48%, UK 56%. Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio ended the week at 11.40. The highest ratio in the database was at 14.06 on 03/02
Supporting Charts:
Bonds TLT: declined to an eight month low last week and has reached the major Support at 117.14, the maj poc.
Dollar Index: found low last week at 94.67, the 12mn Support. Price below this level would be weak price location. Dollar Bulls would want to see price printing back above 96.76, the 1/2R off March high.
Gold GLD: in May a probe into the Resistance at 117.60, the 1/2R off the November low, was rejected and last week closed at its lowest level since March.
Oil USO: in May printed its highest level since December and since early April has been printing above 18.39, the 12mn poc, in a stronger price location.
EURUSD: currently printing below the major 1/2R (1.1241) and below 1.1340, the 12mn Time Resistance.
