Following Tuesday’s Aggressive Buying Wednesday generated a higher/overlapping Value Area and ES probed the Resistance at 2095.50. However, note that the 10mn poc has migrated to 2094.00 and this is now the Key level. It also happens to be the 1/2R off May high for the September contract. I want to see ES printing time back above 2094.00 before considering the long side as price below that poc is weak location. Pre-open today ES prints close to that level.
Note that Dollar has move to weaker position on charts. See below.
First Level S/R = 2094.00 (10mn poc)
Second Level Resistance = 2107.00
Stocks>50dyma numbers: Nyse 40% (from 39%), Nasdaq 55% (unch), R2000 52% (unch). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was lower at 9.18 which is close to the 7mn low at 9.0. The highest ratio in the database was at 14.06 on 03/02
Supporting Charts:
Bonds TLT: closed above 117.14, the maj poc. Price below this level would be very weak price location.
Dollar Index: is now printing back below 94.67, the 12mn poc, in a weaker price location.
Gold GLD: in May a probe into the Resistance at 117.60, the 1/2R off the November low, was rejected and last recently printed its lowest level since March.
Oil USO: in May printed its highest level since December and since early April has been printing above 18.39, the 12mn poc, in a stronger price location.
EURUSD: is now printing above 1.1340, the 12mn poc, in a stronger price location.
