ES has been consolidating this week above 2120. So far, no Significant Selling (red) has been marked.
Longframe: As long as ES holds above 2095.50 it is in a strong price location.
Support = 2095.50 (10mn poc)
Dayframe: this week’s range so far is narrow compared to average weekly range so I expect this to extend. Time spent today above 2123.50, the very minor (4dy) poc, would indicate extension up rather than down.
Stocks>50dyma numbers: Nyse 57% (unch), Nasdaq 49% (from 50%), R2000 48% (from 47%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 10.51. Tuesday’s ratio at 9.85 was a four month low and Bear Fund assets that I follow reached a five month high. The highest ratio in the database was at 14.06 on 03/02
Supporting Charts:
Bonds TLT: has this week printed its lowest level since November and below 119,26, the 12mn poc. More important Support at 117.14, maj poc.
Dollar Index: Last week printed its lowest level since 22nd Jan but is now printing back above 94.67, the 12mn poc which is stronger price location.
Gold GLD: down sharply on Tuesday and appears to have been rejected by the Resistance at 117.60, the 1/2R off the November low. Support at 115.12, the 12mn poc – price below that level would indicate further weakness.
Oil USO: last week printed its highest level since December and since early April has been printing above 18.39, the 12mn poc, in a stronger price location but closed at a fifteen day low on Tuesday.
EURUSD: last week printed its highest level since February but is today printing below the major 1/2R (1.1241)
