posted 9.27 a.m. est
Pre-open Tuesday 22nd June
Longframe: Indices including SP500, R2000, NasdaqComp, NyseComp found resistance at the 1/2R levels from the April high.
ES 1/2R from April high is 1122.12 (dotted).
LT investors would want to see major charts printing above these levels.
ES: Selling was marked (red-at-bottom) but the Value Area was overlapping/higher so this is not Effective Selling. Nevertheless, red-at-bottom lows are tested the following day 80% of the time so the odds suggest that 1103.25 will be tested today.
The 20dy poc is now at 1111. This is now First Level S/R
Major poc at 1094 is Second Level support.
ST Sentiment: My version of the Rydex Assets Ratio was down from 1.6 to 1.95, a 30day high. Bull Fund Assets that I follow were up 14%.
Supporting Charts (technicals based on daily Price Oscillator)
? USDJPY: found support on Friday just above the 90.21 poc and rallied but Price Osc is falling. Important chart to monitor.
+ EURUSD: now printing back above the 1.2133 major halfway level and the Price Osc is increasing.
? UDX: Found support at the 85.14 poc but Price Osc still falling.
– as long as TLT holds above the 95.22 poc it is in a strong position
these charts are mixed and imo their influence is uncertain for equities in the short term.
