posted 9.29 a.m. edt
Pre-open comment Tuesday 2nd August
Monday pre-open there was a rejeceted price probe above the major poc at 1308; also SPY was rejected above 131.23. This was followed by Sellers Responding (red-at-top) immediately the session opened. Pre-open today ES has probed as low as 1266.
Dayframe: repeated comment from yesterday = No strength can be anticipated (even on this timeframe) unless ES can print some value above 1308.
First Level Resistance = 1308 (maj poc)
SPY = 131.23 (1/2R 2011)
ST Sentiment: My version of the Rydex Assets Ratio was up to 3.45 (from 3.02). On a down day that’s not bullish.
Supporting Charts (+ or – or ? for equities).
? EURUSD: prints above the band of maj LT support between 1.3920 to 1.3965 below the 1/2R off May high at 1.44.
? Dollar Index: Still in a weak position below the 74.96 poc but not far below it.
– TLT: Currently prints above the major 1/2R at 98.32. TLT consolidating above that level would put it in a strong postion.
imo these charts are mixed but have a negative ST bias for equities. Could change quickly.
