S&P 500 emini pre-open Tuesday 22nd July

posted 09.27 a.m. est

Monday’s session produced an “inside” Value Area and price spent further time around the minor poc at 1967.50. Pre-open today ES is printing above that level which we can call First Level Support. Significant Buying marked above 1967.50 would be a positive and time spent around 1972 would most likely be bullish especially if the minor poc moved to that level. If ES holds above 1949.00 (now proven Support) it is in a strong price location.

ES First Level S/R = 1967.50 (min poc)
ES First Level LT Support = 1949.00 (3mn poc)

Stock Index ETFs: Key chart IWM found Support last week at the given level of the 2yr poc at 112.30 and has rallied a little. Momentum turning back up would be a positive here. Time below this proven Support would be an indication of further weakness.

Stocks>50dyma numbers: Nyse 57%, Nasdaq 49%, R2000 48%, UK 34%. Numbers >50 are supportive.

Sentiment: My version of the Rydex Assets Ratio ended the week at 7.93, a twenty day low. The highest ratio in my database was on 06/26 at 10.07.

Financial Sector XLF: printing above 22.04, its Major 1/2R level in a strong LT price location and above 22.77 (min 1/2R).
EURJPY: chart is printing below 140.96, the 1/2R off Dec high in a weak price location and pre-open today has printed its lowest level since February.
Bonds TLT: in a strong ST price location above 112.27, the 10mn poc and on Monday printed a twelve month high.
Dollar Index: sold off in June but found Support at the 79.76 maj poc. LT Dollar bulls would want to see this level hold. Has today printed a 26dy high.
Gold GLD: last week tested up into Resistance at 127.00, the 30mn poc. Pre-open today is printing below that level.
Oil USO: pre-open today chart prints above 37.96, the maj poc which is strong price location if it holds.
EURUSD: printing below 1.3602 (12mn poc) in a weak price location and has today printed its lowest level since November.