posted 9.28 a.m. est
Pre-open Thursday 14th July
Wednesday’s session (like Tuesday’s) probed up into the Major poc at 1094 and found resistance – see chart, but no Significant Selling to mark. 1094 is the most important level to monitor.
Wednesday: Overlapping Value Area on below-average volume.
Above 1094, the 1/2R off the April high at 1107 might come into play as resistance
Dayframe: Same as yesterday – If an early probe above 1100 gets rejected back below 1094, I would expect the gap to be filled. 1073 (the 3month poc) would be the support to watch in that case.
ST Sentiment: My version of the Rydex Assets Ratio was up from 0.97 to 1.27 but this is still a low number. The Bear fund assets that I follow fell more than 18%. Looks like the Rydex timers are beginning to cut Bear positions but they have not become bullish yet.
Supporting Charts (technicals based on daily Price Oscillator)
– USDJPY: Has built a minor poc (3wk) at 88.53 and is down from that today at a five day low. Weak chart I think.
+ EURUSD: 9wk high today. Higher low based on the 1.2133 major halfway level was confirmed by a breakout above the June high. ST getting overbought though, e.g. 14dyRSI at 68.
+ UDX: Printed a new 9wk low today. ST oversold, e.g. 14dyRSI at 27.
– IEF uptrend still intact. Daily chart bounced of the support trendline from April low.
imo Charts are mixed for equities.
