S&P 500 emini pre-open Monday 9th June

posted 09.02 a.m. est

Last week was a positive week with Friday closing above the Mon(or Tue)-Wed Hi-Lo Range indicating Buyers Active on the weekly timeframe. The four major stock index ETFs all have increasing and positive Momentum (PriceOsc). Key Chart IWM overcame the 114.0 Resistance (1/2R off March high). Dollar Index and Bonds (TLT) have held LT strong price location which is a LT concern for equities.

ES: Last week I marked Significant Buying four times. Significant Selling has not been marked for twelve days, As long as ES holds above the minor poc at 1922.50 it is in a strong ST price location and only price below 1872 would be a sign of weakness in the LT.

Dayframe Support = 1922.50 (min poc)
ES First Level LT Support = 1872.00 (maj poc)

Breadth: CP Market Timing System: remained positive for Nyse, remained negative for Nasdaq and R2000 and remained positive for U.K.
Stocks>50dyma numbers: Nyse 75%, Nasdaq 58%, R2000 66%, U.K. 67%. Numbers >50 are considered supportive.

Sentiment: My version of the Rydex Assets Ratio ended the week at 7.95 which is extremely high. The highest ratio in my database being 8.39 on 03/13. VIX closed at 10.73 on Friday, its lowest close since Feb 2007

Supporting Charts (+ or – shown as implied bias for equities)
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 but Momentum (although negative) is up.
Bonds TLT: lower last week but on 05/29 chart printed its highest level since June last year and remains in a strong price location.
Dollar Index: strong price location above 79.76, the maj poc and last week printed its highest level since early February.
Gold GLD: Last Tuesday printed its lowest level since January.
Oil USO: last week probed the poc at 37.96 but has printed little time time above this Resistance. Momentum (although positive) is down.
EURUSD: consolidating below 1.3673 (12mn poc) in a weak price location