posted 9.04 a.m. est
Pre-open Tuesday 29th June
I said pre-open yesterday that if the 30 day poc migrated lower to 1073 it “would indicate a test of last week’s low at 1062.75 and most likely a test of the May low at 1032.75”.
During Monday’s session the poc did migrate down to that level and ES is likely to open today’s session below last week’s low.
1073 is now First Level Resistance.
Major support levels are discussed in today’s webcast.
ST Sentiment: My version of the Rydex Assets Ratio was slightly up from 1.47 to 1.48.
Supporting Charts (technicals based on daily Price Oscillator)
– USDJPY: last week broke below the 90.21 poc. Price Osc is falling.
? EURUSD: printing back above the 1.2133 major halfway level and the Price Osc is increasing although today has printed a 10dy low.
? UDX: Appears to be holding above the 85.14 poc support butPrice Osc is still falling.
– Last week IEF broke above the maj resistance at 94.00 to a new 12month high.
imo these charts indicate a bearish bias for equities.
