posted 09.19 a.m. est
pre-open comment Tuesday 23rd July
Monday generated a higher, narrower Value Area on less Volume. Since the minor (24day) poc migrated higher to 1677.00 last Wednesday, ES has held above that level which is ST positive.
1st Level LT Support = ES 1645.00 (4mn poc)
Stocks>50dyma numbers: Nyse 80%, Nasdaq 80%, R2000 85%. Numbers >50 are considered supportive. Numbers >80 are considered overbought.
Sentiment: My version of the Rydex Assets Ratio was lower at 2.77. On 07/10 the ratio reached 2.15 which was the lowest ratio since January 2012 and indicated real fear from the retail trader.
Supporting Charts
Bonds TLT: w/e 07/05 chart printed its lowest level since Sep 2011 and although it reached a twelve day high on Monday the chart has not rallied very much from that low. Momentum, although negative, is up.
Oil USO: On Friday printed its highest level since May 2012. Pre-open today the chart is printing back below 38.0 which was previously the maj poc. There is Support at the 1/2R off 2011 high at 37.31 and as long as chart holds that level it is in a strong price location. Momentum is positive but turned down on Monday.
Gold GLD: printed a 22day high on Monday. Momentum is positive and up. The low on 06/28 was the lowest since Aug 2010.
Silver SLV: printed a 22day high on Monday. Momentum is positive and up. w/e 06/28 chart printed its lowest level since Aug 2010.
Dollar Index: On 07/09 printed its highest level since July 2010 but declined sharply from there and is now printing below 82.73, the 12mn poc. Momentum has turned negative. Dollar Bulls would want to see Momentum turn back and price above 82.73.
EURUSD: Has rallied sharply since testing the maj poc Support at 1.2777 on 07/09 and printed a twenty day high on Monday. Has consolidated above 1.3075, the 9mn poc, and if that level holds the chart is in a strong price location. Momentum turned positive on Monday.
