posted 9.27 a.m. est
Pre-open comment Tuesday 19th July
Note yesterday’s comment corrected – highlighted left.
Dayframe: The 25dypoc migrated to 1307.50. If ES cannot hold that ST Support post open it would suggest further weakness. Time printed back above the maj poc at 1315 would indicate ST strength.
The level, 1307.50 is the halfway point for ES (contin) for the range year to date (131.23 SPY). This level may well attract time over the next few days which would suggest a ranging price action.
IWM broke Support on Monday but is trying to recover pre-open today. QQQ held Support. We get a clear indication of further weakness if these charts break down.
Resistance = 1315 (maj poc) (131.95 SPY)
Support = 1307.50 (25daypoc) (no equivalent for SPY)
Sentiment: My version of the Rydex Assets Ratio was unchanged at 3.14 and about in the middle of its range of readings over the last six months.
Supporting Charts (+ or – or ? for equities).
+ EURUSD: Currently holding above the band of maj LT support between 1.3920 to 1.3965.
+ Dollar Index: Unless UDX is able to hold above the 75.65 poc it is a positive for equities. It was unable to break above this level on Monday.
+ TLT: prints below the 3yr_poc at 96.28.
imo these charts are currently ST positive for equities – this could change quickly.
