pre-open comment Tuesday 31st July
Note: this was posted at 3a.m. et.
Sellers Responed (red-at-top) on Monday. Price is probing above the 7month VAH at 1377 (dotted). LT Value Area Highs will often stall an uptrend but as long as ES holds above 1366 it is in a strong price location.
First Level Support = 1366 (poc) SPY = 137.30
Second Level Support = 1348 (5mn poc)
Sentiment: My version of the Rydex Assets Ratio was higher at 4.23 (from 3.83). Recent high for the ratio was 4.40 on 07/10.
Supporting Charts (+ or – or ? for equities).
(Momentum = daily PriceOsc)
? EURUSD: A new two year low was printed early last week but a strong Close to the week was encouraging. Momentum has turned up but it is too early to call this a turn. Price printing above the minor poc at 1.2496 would be a postive.
? Dollar Index: A new two year high was printed early last week but Friday’s Close was the lowest in 17days. Momentum has turned down.
? TLT: new high last Wednesday but Friday’s Close was the lowest in 17days and Momentum turned down.
difficult to imply a bias for equities but there’s indications of change in these charts. Have to see if that develops.
