posted 08.05 a.m. est
pre-open comment Thursday 11th July
Wednesday generated an overlapping Value Area. No Significant Selling has been marked for thirteen days. ES has printed high 1660’s pre-open today. Sentiment data is interesting (see below).
1st Level Support = ES 1628.00 (3mn poc)
Stocks>50dyma numbers: Nyse 61%, Nasdaq 73%, R2000 76%. Numbers >50 are considered supportive. Numbers >80 are considered overbought.
Sentiment: My version of the Rydex Assets Ratio was sharply lower at 2.15. This is the lowest ratio since January 2012. Bear fund assets that I follow increased to their highest level since August 2012. And Rydex Money Market Assets (Inv Class) spiked to a new high. I will re-check the data from Rydex but this looks like a sharp increase in fear from the retail trader and I don’t need to remind you this is a contrarian indicator where fear is usually bullish. Also note that the Rydex Precious Metals Assets (Inv Class) fell sharply to the lowest level I have in my database.
Supporting Charts
Bonds TLT: Last week printed its lowest level since Sep 2011.
Oil USO: On Wednesday printed its highest level since May 2012. Momentum is positive and up.
Gold GLD: w/e 06/28 chart printed its lowest level since Aug 2010. Pre-open today has reached a twelve day high. See sentiment.
Silver SLV: w/e 06/28 chart printed its lowest level since Aug 2010.
Dollar Index: On Tuesday printed its highest level since July 2010 but lower from there. Support at the 12mn poc at 82.73.
EURUSD: Rallied sharply since testing the maj poc Support at 1.2777 on Tuesday.
