posted 9.28 a.m. est
Pre-open Tuesday 15th June
Significant Selling was marked on Monday. Sellers Responded at the high of the 20day Value Area (greyed), which is VAhigh=1101 and VAlow=1052. Monday’s Value Area was Higher and Wider so this was not Effective Selling. Volume was reduced but still above average. The last Effective imbalance was Agressive Selling marked on Friday 4th June.
With the CP Mkt Timing System still negative (red) and the most recent profile imbalance being Selling (red) the long side is eliminated on any timeframe for me but I would want to see ES printing below the First Level S/R at 1082 before anticipating a test of the 20day VAlow. This is because the Bears are surfacing in greater number here (see below) and ES prints close to the Major poc at 1094 which it may continue to find attractive.
First Level S/R today is the 1082 poc.
Second Level Resistance is the Major 1094 poc.
ST Sentiment: My version of the Rydex Assets Ratio fell to 1.02 which is the lowest since July 2009. Bull fund assets that I follow were up by more than 20%.
Supporting Charts (technicals based on daily Price Oscillator)
? USDJPY: prints above the 90.21 poc.
+ EURUSD: now printing back above the 1.2133 major halfway level and the Price Osc is increasing.
+ UDX: prints below 87.84 and the Price Osc is falling. Chart looks likely to fall back to the support at 85.14.
– as long as TLT holds above the 95.22 poc it is in a strong position.
these charts are mixed and imo their influence is uncertain for equities in the short term.
