posted 9.29 a.m. est
On Wednesday I marked Aggressive Selling (red-at-bottom). That means Long trades are now eliminated for me until Significant Buying is marked again. This Selling is not yet convincing as First Level Support at 1232.50 has not even been tested yet. I would consider Shorts speculative until Effective Selling is marked below 1220. Buyers could well respond if 1232.50 is tested. I would expect further weakness if there is consolidation below that level.
First Level Support = 1232.50 (8day poc)
First Level Resistance = 1240 (minor 3day poc)
Second Level Support = 1220 (18day poc)
ST Sentiment: My version of the Rydex Assets Ratio was up again from 3.31 to 3.39. I only have one day higher in the database and that was April 26th (the day of the April high).
Supporting Charts
+ EURUSD: currently prints above the 1/2R off the June low at 1.3087
? UDX: currently prints at the 80.15 major 1/2R.
+ TLT: currently prints below the 95.33 maj poc.
imo these charts still have a positive bias for equities – watching the Dollar Index closely.
