Pre-open Tuesday 24th August
see yesterday’s comments highlighted above.
ES spent just enough time at 1073 on Monday for the minor poc (August) to migrate lower to this level. As I wrote yesterday “this would most likely be ST negative”.
Pre-open ES is printing below 1058, the VAL from start May. If we see Effective Selling below this level it indicate continuation lower and I remind myself that the CP Market Timing System and the last imbalance (Responsive Selling yesterday) are both negative. This eliminates longs on any timeframe for me – even so, I suspect that Buyers will Respond a little lower.
Supporting Charts
– USDJPY: New multi-year low today.
– EURUSD: PriceOsc down. Support just above 1.26 (1/2R off June low)
– UDX: PriceOsc higher for 11 consecutive days.
– TLT: broke above the 1/2R level at 105.22
imo these charts are not positive for equities.
