Pre-open comment Thursday 28th July
The Bearish scenario as outlined at the start of the week appears to be the one playing out. i.e. rejection of the probe above LT VAH and Significant Selling marked below 1315. We now have Aggressive Sellers marked on the dayframe analysis with the Market Timing System remaining negative on the longframe analysis. We also have ES in a weaker price location. Long trades eliminated and I am extremely cautious here.
Resistance = 1315 (poc) (131.95 SPY)
First Level S/R = 1306.50 (2month poc) and..
..note: 131.68 SPY = 1/2R off May high)
ST Sentiment: My version of the Rydex Assets Ratio was down to 3.28 (from 3.50).
