Pre-open Tuesday 27th July
Significant Buyers were marked again on Monday, Aggressively auctioning ES higher. Pre-open today ES has been as high as 118.75.
First Level support is Mondays poc at 1108.
ST Sentiment: My version of the Rydex Assets Ratio fell slightly on Monday to 1.06 (down from 1.22). The Rydex timers stay bearish as the market moves higher which, from a contrarian pov, is bullish. Also, the ISEE (Equity only) Index came in at 126, the lowest number since 24th June. VIX however, printed its lowest level since May 4th and if lower again today could be a warning about the uptrend.
Supporting Charts (technicals based on daily Price Oscillator)
? USDJPY: This chart continues to struggle but Price Osc has been higher for five days.
+ EURUSD: New 11wk high today.
? UDX: today tested down into the 81.87 support. If UDX breaks below this level it is in a weak price location.
? IEF: the support trendline from the April low is being tested as I write.
imo these Charts have a more bullish for equities than they have recently.
