Pre-openTuesday 21st July
Monday generated a fifth consecutive Value Area above 2095.00 (10mn poc) which is strong price location. Pre-open today ES prints just above 2120.
First Level Support = 2095.00 (10mn poc)
Second Level Support = 2080.25 (1/2R off May high)
Stock Index ETFs: Momentum (PriceOsc) for SPY, DIA and QQQ is now above zero. For IWM it is not but for all four charts Momentum is heading up. Breadth numbers not yet supportive.
Stocks>50dyma numbers: Nyse 40% (from 42%), Nasdaq 46% (from 49%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was lower at 9.54. Last week the ratio reached 8.67 which was an eight month low
Supporting Charts:
Bonds TLT: closed above 117.14, the maj poc. Futures point to a lower open for TLT today.
Dollar Index: is today printing above 96.76, the 1/2R off March high in a strong price location.
Gold GLD: fell sharply to its lowest level since early 2010.
Oil USO: the 16mn poc recently migrated to 20.24. USO closed below that level for seven consecutive days eariler this month and then fell heavily. The 1/2R off the March low is at 18.55 and this is now Resistance. Closed on Monday at its lowest level since March.
EURUSD: is today printing below 1.1340, the 12mn poc, and below 1.0961, the 1/2R off March low, in a weak price location.
