posted 6.50 a.m. est
Pre-open Thursday 10th June
Little change in the comment pre-open today. Worth noting that the centre of Wednesday’s price action was 1064/65 – see Tuesday’s comment.
Dayframe:
First Level Resistance today is the 1082 poc.
First Level Support is at 1055. If ES prints time below this level then a test of the May low would be very likely. If it holds then it will be interesting to see where time is subsequently spent.
ST Sentiment: LT Sentiment: Investors Intelligence (newsletters) poll showed Bears at 31.9% the highest since the July 2009.
ST Sentiment: My version of the Rydex Assets Ratio came in at 1.3. That was was slightly up from Tuesday’s number which was the lowest since July 2009.
Supporting Charts (technicals based on daily Price Oscillator)
? USDJPY: prints above the poc which migrated up slightly to 90.21.
– EURUSD: new four year low on Monday and prints below major support but Price Osc is positively diverging with price.
? UDX: needs to hold above 87.84 to remain bearish for equities short term. Price Osc is negatively diverging with price and has just turned down.
– TLT is higher off support last week at the 95.22 poc.
these charts are mixed but imo remain bearish for equities for now.
