Pre-open Thursday 23rd July
See yesterday’s highlighted comments. And see chart. Enough time was spent at 2107 on Wednesday to lift the 10mn poc to this level. Time spent at 2107.00 and 2095.00 is very close so both levels are important to monitor. Price holding above 2107.00 would suggest further strength and price below 2095.00 would be weak location. Significant Selling has not been marked for sixteen days.
Support/Resistance = 2107.00 (10mn poc)
Support = 2095.00 (10mn poc)
Stock Index ETFs: Momentum (PriceOsc) for SPY, DIA and QQQ is above zero. For IWM it is not but for all four charts Momentum is heading up. Breadth numbers are not yet supportive.
Stocks>50dyma numbers: Nyse 36% (from 37%), Nasdaq 46% (from 45%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was slightly lower at 9.54. Last week the ratio reached 8.67 which was an eight month low
Supporting Charts:
Bonds TLT: closed above 117.14, the maj poc. Momentum is positive and up.
Dollar Index: as long as chart holds above 96.76, the 1/2R off March high, it is in a strong price location.
Gold GLD: closed at its lowest level since early 2010.
Oil USO: the 16mn poc recently migrated to 20.24. USO closed below that level for seven consecutive days eariler this month and then fell heavily. On Thusday declined further to print close to the March low.
EURUSD: is today printing back above 1.0961, the 1/2R off March low which is a stronger price location if it holds.
