Following last week’s rejected tests of the 2045.00 Support (see yesterday’s highlighted comments) ES rallied on Monday to find Resistance at 2095.00, the 10mn poc. Aggressive Buying (green-at-top) was marked which can be considered Reactive in the longer timeframe because it was below 2095 but if ES can print some time above this level it will be in a stronger price location. Overnight 2095.00 has again been Resistance.
LT Resistance = 2095.00.
First Level Support 2080.25 (1/2R off May high)
LT Support at 2045.00 (prev poc)
Stocks>50dyma numbers: Nyse 40% (from 35%), Nasdaq 48% (from 43%), R2000 51% (from 47%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was lower at 8.74 close to the eight month low recorded last Thursday at 8.69.
Supporting Charts:
Bonds TLT: on Monday TLT closed below 117.14, the maj poc which is weak price location.
Dollar Index: 96.76 is the 1/2R off March high and this is the obvious Resistance which was probed last week and again today.
Gold GLD: in May a probe into the Resistance at 117.60, the 1/2R off the November low, was rejected. GLD remains in a weak location and last week printed close to this years low.
Oil USO: the 16mn poc recently migrated to 20.24. USO closed below that level for seven consecutive days and last week fell heavily. The 1/2R off the March low is at 18.55 and this is now Resistance.
EURUSD: is today printing below 1.1340, the 12mn poc.
