Pre-open comment Tuesday 28th June
On Monday Significant Buyers Responded (for the third time in six days) to price below the 1265.50 poc. Buyers were marked again later in the day aggressively auctioning ES up to the 1280.50 poc Resistance (given). If ES can hold and print some time above that level post-open (currently 1282.75) then we should see ES higher in the ST. See yesterday’s comments highlighted.
1st Level S/R = 1280.50 (poc)
2nd Level Resistance = 1310 (1/2R off May high, Sep contract)
2nd Level Support = 1265.50 (poc)
ST Sentiment: My version of the Rydex Assets Ratio was slightly lower at 2.18. Ratio on 06/21 at 1.82 was the lowest level since October.
Supporting Charts (+ or – or ? for equities).
? EURUSD: Chart failed last week just below the 1.450 min ST Resistance (1/2R off May high). Momentum (PriceOsc) is down. 1.3920 to 1.3965 is a band of maj LT support.
? Dollar Index: Chart currently finding it difficult to print above the 75.65 poc. Momentum (PriceOsc) is up.
+ TLT: Prints below the 3yr poc at 96.28. Momentum (PriceOsc) is down.
imo these charts are mixed and it is difficult to imply a ST bias for equities.
