Pre-open comment Thursday 23rd June
Dayframe: On Wednesday I marked Aggressive Selling (red-at-bottom). Long trades eliminated until Significant Buyers are marked again.
Pre-open ES has briefly tested the the Support at 1265.50. Currently prints 1267.
If ES prints time below that level it is in a weak position and with the LT analysis still negative further weakness would be expected.
1st Level S/R = 1265.50
2nd Level Resistance = 1280.50
ST Sentiment: My version of the Rydex Assets Ratio was higher to 2.15. Yesterday’s ratio at 1.82 was the lowest level since October.
Supporting Charts (+ or – or ? for equities). UNCHANGED
– EURUSD: Chart failed on Wednesday just below the 1.450 min ST Resistance (1/2R off May high). Momentum (PriceOsc) is down. 1.3920 to 1.3965 is a band of maj LT support.
? Dollar Index: Chart found resistance at the descending trendline off the major high in June 2010. Momentum (PriceOsc) is up.
? TLT: Has been oscillating around the 3yr poc at 96.28. Needs to break above the major 1/2R at 98.32 to confirm another leg up but chart is OB so this may be a problem.
imo these charts are mixed and it is difficult to imply a ST bias for equities.
