S&P 500 emini pre-open Thursday 5th June

posted at 09.24 a.m. est

Buyers Reacted (green-at-bottom) to an open below Tuesday’s Value Area and auctioned ES swiftly back above the minor (14day) poc. As long as ES holds this Support it is in a strong price location. No Significant Selling marked for ten days now.

Dayframe Support = 1922.50 (min poc)
ES First Level LT Support = 1872.00 (maj poc)

Key Chart IWM is held the Support at 111.48 (12mn poc). ST Bulls would want to see this level hold. Chart printing time above the 114.0 Resistance (1/2R off March high) would be a further positive.

Stocks>50dyma numbers: Nyse 62% (unch), Nasdaq 39% (from 37%), R2000 42% (from 40%). Numbers >50 are considered supportive.

Sentiment: My version of the Rydex Assets Ratio was lower at 6.78. The highest ratio being 8.39 on 03/13.

Supporting Charts (+ or – shown as implied bias for equities)
+ KEY Chart Financial Sector XLF: now printing above 22.04, its Major 1/2R level.
EURJPY: chart is printing below 140.96, the 1/2R off Dec high in a weak price location but Momentum (although negative) is up.
– Bonds TLT: down 2.5% this week. Last week chart printed its highest level since June last year and remains in a strong price location. Momentum (although positive) is down.
Dollar Index: strong price location above 79.76, the maj poc and has today printed its highest level since early February.
Gold GLD: On Tuesday printed its lowest level since January.
Oil USO: probed the poc at 37.96 but has printed little time time above this Resistance. Momentum (although positive) is down.
EURUSD: was consolidating below 1.3673 (12mn poc) in a weak price location and today is sharply down printing its lowest level since early February.