pre-open comment Tuesday 25th June
Monday generated a lower, wider Value Area. So far, pre-open today ES has rallied as high as 1578.25. The next level of Support as shown last week (and below) has so far held on all the charts. Next Level Support as follows: ES 1548; SPY 155.80; DIA 144.24; QQQ 68.62; IWM 93.62.
%Stocks>50dyma numbers: Nyse 27%, Nasdaq 45%, R2000 45%. Numbers >50 are considered supportive.
Support = ES 1548 11mn poc)
Sentiment: My version of the Rydex Assets Ratio was lower at 3.29 (from 3.53). This is close to the 5month low for the ratio which was 3.27 printed on 25th April. The previous significant market correction ended in mid November and the Ratio printed as low as 2.57 at that point.
Supporting Charts
Bonds TLT: On Monday charted printed its lowest level since Sep 2011.
Oil USO: Printing below the 34.20 area of S/R. Momentum is positive but has turned down.
Gold GLD: Last week printed its lowest level since Sep 2010.
Silver SLV: Last week printed its lowest level since Sep 2010.
Dollar Index: Held maj Support which is the major poc at 80.15. Momentum is negative but up.
EURUSD: Momentum is positive but down. On Monday tested the minor Support at 1.3081, 1/2R off April low, which has so far held.
