S&P 500 emini pre-open Tuesday 1st July

posted 08.05 a.m. est

Monday generated a Value Area entirely above 1949.00, the 3mn poc, see previous comments. As long as ES holds above this level it is in a strong price location. Equivalent SPY level is 194.83, the 35day poc.

ES First Level Support = 1949.00 (3mn poc)
ES LT Support = 1872.00 (maj poc)

Stocks>50dyma numbers: Nyse 76% (unch), Nasdaq 71% (from 69%), R2000 75% (from 73%). Numbers >50 are considered supportive.

Sentiment: My version of the Rydex Assets Ratio was slightly higher at 9.84. Last Thursday the ratio reached 10.07 which is the highest in my database.

Supporting Charts:
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: Remains in a strong LT price location but pre-open is printing lower today below 112.96, 1/2R off May high, which is weaker price location in the ST. Momentum is positive and up.
Dollar Index: sold off on Monday to a low of 79.76 our exact Support (maj poc). Dollar bulls would want to see this level hold. Momentum is negative.
Gold GLD: Printed a 53day high on Monday. In a strong price location as long as chart holds above 124.12, the 2yr poc.
Oil USO: printing above 37.96 in a strong price location and approaches the September high at 39.54. Momentum (although positive) is down.
EURUSD: The 12mn poc moved lower to 1.3532 recently and currently chart is holding that Support.