posted 08.52 a.m. est
Significant Selling has not been marked for thirteen days, As long as ES holds above the minor poc at 1922.50 it is in a strong ST price location and only price below 1872 would be a sign of weakness in the LT.
Dayframe Support = 1922.50 (min poc)
ES First Level LT Support = 1872.00 (maj poc)
Key Chart IWM overcame the 114.0 Resistance (1/2R off March high) late last week and over the last four days has greatly outperformed the other major stock index ETFs.
Stocks>50dyma numbers: Nyse 77% (from 75%), Nasdaq 64% (from 58%), R2000 71% (from 66%). Numbers >50 are considered supportive.
Sentiment: My version of the Rydex Assets Ratio was lower at 6.86. The highest ratio in my database being 8.39 on 03/13. VIX closed at 10.73 on Friday, its lowest close since Feb 2007
Dollar Index and Bonds (TLT) have held LT strong price location which is a LT concern for equities, see below.
Financial Sector XLF: 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.
Bonds TLT: lower last week but on 05/29 chart printed its highest level since June last year and remains in a strong price location.
Dollar Index: Holds a strong price location above 79.76, the maj poc but Momentum just turned negative.
Gold GLD: Last Tuesday printed its lowest level since January.
Oil USO: is now printing above 37.96 in a strong price location.
EURUSD: looks to have formed a lower high at 1.3673, the 12mn poc, which is a weak pattern.
