posted 9.29 a.m. edt
Pre-open comment Thursday 14th July
Wednesday’s day session found Resistance at the 1327 poc and Support later in the day at the 1310 1/2R, both levels given. Although overnight ES has dipped below that support you can see from the graphic that the day session activity is capped top and bottom by these levels. Effective Buying above or Effective Selling below these levels will most likely indicate the next directional move.
Even though Significant Sellers have not been marked for twelve days my hunch is for lower. The pattern seen last two days of weakness to the close is not encouraging.
1st Level S/R = 1310 (1/2R off May high) (131.68 SPY)
2nd Level Resistance = 1327 (maj poc) (132.18 SPY)
Sentiment: My version of the Rydex Assets Ratio was up to 3.59, a 30day high.
Supporting Charts (+ or – or ? for equities).
? EURUSD: printed a 4month low on Tuesday and tested the band of maj LT support between 1.3920 to 1.3965. Currently prints above that support.
? Dollar Index: printed a 4month high on Tuesday but currently prints back below the 75.65 poc.
– TLT: Chart is currently consolidating above the 3yr_poc at 96.28.
imo these charts are currently mixed but that could shift very quickly to an obviously negative bias for equities.
