Pre-open comment Thursday 7th July
Wednesday generated another Value Area entirely above the 1327 maj poc. Responsive and Aggressive Buying was marked.
Support was found at the maj poc at 1327 – see previous comments (highlighted).
1st Level S/R = 1327 (maj poc) (132.18 SPY)
2nd Level Support = 1310 (1/2R off May high) (131.68 SPY)
LT VAH = 1339 (134.80 SPY)
ST Sentiment: My version of the Rydex Assets Ratio was slightly lower at 2.90, from Tuesday’s sharply higher reading of 3.03.
Supporting Charts (+ or – or ? for equities).
? EURUSD: Seven day low today. Chart currently printing below the 1.445 Resistance (1/2R off May high). Momentum (PriceOsc) is up.
? Dollar Index: Chart currently printing above the 74.53 Support (1/2R off May low) and may possibly test the 75.65 poc resistance. Momentum (PriceOsc) is down.
? TLT: Chart printed a 40day low last week. Momentum (PriceOsc) is down. Support at 92.94 (1/2R off Feb low).
imo it is currently difficult to imply a bias for equities from these charts.
