posted 9.12 a.m. et
pre-open comment Thursday 28th June
Wednesday’s Value Area was generated entirely above 1514.50 (50dypoc) but ES has yet to print as high as last week’s composite VAL at 1333 so this is not a particularly impressive Response from the Buyers so far. Effective Buying marked above 1514.50 would be more encouraging for the Bulls. See yesterday’s highlighted comments.
Dayframe: as of thirty minutes pre-open ES has printed as low 1315.25.
Intra-day 1314.50 (poc) to 1315.50 (min1.2R) could be monitored. If ES rejects this price area on a down-test or an up-test within the first hour of the session it may well be a clue re ST direction.
Key Charts/Levels: Pre-open SPY prints above its Key Level at 131.93 and so far this week QQQ has held its Key Support at 62.10. If these levels are broken I would expect further weakness.
Resistance = 1334.50 (1/2R) SPY = 134.67
First Level S/R = 1314.50 (50dypoc)
Key Level = 1307 (maj poc) SPY = 131.93
My version of the Rydex Assets Ratio was almost unchanged at 3.19. On 5th June the ratio reached 2.25 which was a four month low coinciding with the recent market low. The ratio below 2.25 or above 3.70 would give us useful information.
Supporting Charts (+ or – or ? for equities).
(Momentum = daily PriceOsc)
– EURUSD: Chart printing below the Major poc at 1.2777 and currently prints below the Minor poc at 1.2570. Momentum has turned down. An 18dy low printed today.
– Dollar Index: Prints well above the important level at 80.15. Minor level to watch is the 1/2R off June high at 82.36; chart currently prints above that level. Momentum has turned up.
? TLT: Chart found Resistance late last week at 127.23, the Minor 1/2R off June high. Pre-open the chart prints just below this level.
imo these charts imply a slight negative bias for equities.
