S&P 500 emini pre-open Thursday 19th June

posted 09.15 a.m. est

On Wednesday I marked Aggressive Buying (green-at-top). Breadth is Supportive and Small Caps have started to outperform. Pre-open ES has printed a new high. Price below ES 1922.50, the minor (27day) poc, would now be the first sign of ST weakness.

Stock Index ETFs: Key Chart IWM has completed a higher low above 114.0 (1/2R off March high). Chart needs to hold this level. Of the four index ETFs IWM is the best performer over 5 days and 20 days.

ES First Level Support = 1922.50 (min poc)
ES LT Support = 1872.00 (maj poc)

Stocks>50dyma numbers: Nyse 76% (from 72%), Nasdaq 69% (from 66%), R2000 71% (from 66%). Numbers >50 are considered supportive.

Sentiment: My version of the Rydex Assets Ratio was sharply lower at 7.20. Bear Fund Assets that I follow were up 23%. Ratio down from Monday’s 9.40 which is the highest ratio in my database. VIX closed at 10.61, it’s lowest since early 2007.

Dollar Index and Bonds (TLT) have held LT strong price location which is a LT concern for equities, see below.

Financial Sector XLF: printing above 22.04, its Major 1/2R level.
EURJPY: chart is printing below 140.96, the 1/2R off Dec high in a weak price location.
Bonds TLT: Remains in a strong price location although Momentum is negative.
Dollar Index: Holds a strong price location above 79.76, the maj poc.
Gold GLD: Has rallied back and pre-open today has almost reached 124.12, the 2yr poc Resistance. Price printing time above this level would be a sign of strength.
Oil USO: printing above 37.96 in a strong price location.
EURUSD: printing below 1.3673, the 12mn poc in a weak price location.