pre-open comment Tuesday 19th June
Note: this was posted at 5a.m.
On Monday I marked Aggressive Buying (green-at-top) auctioning ES to the 30dy VAH and a 25day high. Three consecutive days of Aggressive Buying is often a point where the Buyers will rest but the ST analysis is much improved. Key Chart today is SPY. On Monday SPY reached its 1/2R Resistance at 134.67 but has yet to overcome it, that would be a further positive. We also look for the %Stocks>50dyma numbers to print above 50, currently close to 40.
First Level S/R = 1334.50 (1/2R) SPY = 134.67
Support = 1307 (poc)
Sentiment: Unfortunately the Rydex Assets was unavailable at the time of writing. Will update later.
Supporting Charts (+ or – or ? for equities).
(Momentum = daily PriceOsc)
? EURUSD: Chart printing below the Major poc at 1.2777 but momentum is up. Chart is holding the Support at 1.2570 (minor poc) but as I write prints very close to that level.
? Dollar Index: Prints well above the important level at 80.15 but momentum is down.
? TLT: momentum is down. There is minor Resistance on this chart at 127.50, the 1/2R off June high. Monday’s high was 127.34. Price printing back above this level would put TLT back in a (surprisingly) strong price location.
daily technicals suggest the possibility of a turn here – therefore imo, in the ST, there is no obvious bias for equities
