Pre-open comment Thursday 25th June
On Wednesday an early probe above 2116.00 (the minor poc) was rejected, see yesterday’s highlighted comments. Later in the session Aggressive Selling was marked below 2107, the 10mn poc. These red-at-bottom lows are tested 80% of the time within a day (or two) but there is Support at 2095.00. Price printing above 2107.00 would be strong location and I would want to see Significant Buying printed above that level before considering new longs. Time spent below 2095.00 would be weaker price location and a negative.
First Level S/R = 2107.00
Second Level Support = 2095.00
Stocks>50dyma numbers: Nyse 45% (from 50%), Nasdaq 59% (from 65%), R2000 59% (from 63%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 10.1. Friday’s ratio at 8.78 was a seven month low.
Supporting Charts:
Bonds TLT: closed on Wednesday just below 117.14, the maj poc. Price below this level is weak location.
Dollar Index: printing back above 94.67, the 12mn poc, in a stronger price location.
Gold GLD: in May a probe into the Resistance at 117.60, the 1/2R off the November low, was rejected. Price above this level would be first sign of LT strength.
Oil USO: Last week the 16mn poc migrated to 20.24. USO closed very close to that level on Wednesday.
EURUSD: is today printing below 1.1340, the 12mn poc
