posted 9.28 a.m. est
Pre-open Thursday 17th June
Wednesday’s Value Area was higher and narrower on less volume. Very little to add to yesterday’s comments.
Major poc at 1094 is First Level support.
First Level Resistance is 1122 on the September contract. This is the 1/2Range from the April high.
Longframe: Long positions are eliminated for me until the CP Mkt Timing system turns positive. I would also want to see ES printing above 1122.
ST Sentiment: ST Sentiment: My version of the Rydex Assets Ratio was up again from 1.44 to 1.9. Tuesday’s increase was mainly due to a contraction in Bear Fund Assets but yesterday Bull Fund Assets that I follow were up nearly 19%. This increase in Rydex bulls is nowhere near extreme but will get interesting should it continue.
The ISEE index (equity only) came in at 124. Down from the high number of Tuesday.
Supporting Charts (technicals based on daily Price Oscillator)
? USDJPY: prints above the 90.21 poc.
+ EURUSD: now printing back above the 1.2133 major halfway level and the Price Osc is increasing.
+ UDX: prints below 87.84 and the Price Osc is falling. Support at 85.14.
– as long as TLT holds above the 95.22 poc it is in a strong position.
these charts are mixed and imo their influence is uncertain for equities in the short term.
