posted 9.14 a.m. et
pre-open comment Thursday 5th July
Tuesday produced a higher (but narrower) Value Area generating less Volume. ES broke above the 1366 poc but pre-open today prints at that level. The next positive for this chart is if it can print some time above 1366.
Re the Key Charts and Levels given in this weeks eBook. SPY, IWM, FTSE100, QQQ, XLF, AUDUSD are all printing above their Key levels. The ES 1366 (SPY 137.30) Resiatnce now becomes First Level S/R and is the Key Level now.
First Level S/R = 1366 (poc) 137.30 (SPY)
Second Level Support = 1334.50 (1/2R) SPY = 134.67
My version of the Rydex Assets Ratio was higher to 3.76 (from 3.40). This is a 32day high. VIX printed a new 2month low at 16.27.
Supporting Charts (+ or – or ? for equities).
(Momentum = daily PriceOsc)
– EURUSD: Prints below the maj poc at 1.2777 and today prints below the minor poc at 1.2496. Weak price location.
– Dollar Index: has surged pre-open and prints above 82.36, the 1/2R off June high. LT price location is strong above the Major Support at 80.15 and is also in a strong price location in the ST if it can hold above that level although there has been a lot of volatility today and likely more to come before the end of the week.
+ TLT: found Resistance again on Monday at the Minor 1/2R off June high at 127.23 which is ST weak price location. View of this chart could change quickly if this level is exceeded.
charts are mixed but imo now imply a slight negative bias for equities.
