S&P 500 emini pre-open Tuesday 3rd June

S&P 500 emini pre-open Tuesday 3rd June

Pre-open comment posted at 08.28 a.m. est

Reactive Buying (green-at-bottom) was marked on Monday as ES tested Friday’s low. Price printing 1913.75 would negate any ST positive implications of this mark but there is minor (12dy) Support at ES1909.50 which ST Bulls would want to see held or quickly rejected.

ES First Level LT Support = 1872.00 (maj poc)

Key Chart IWM has not yet printed above the 114.0 Resistance (1/2R off March high) and on Monday found Support at 111.48 (12mn poc). ST Bulls would want to see 111.48 hold.

Stocks>50dyma numbers: Nyse 63% (from 62%), Nasdaq 38% (from 42%), R2000 43% (from 47%). Numbers >50 are considered supportive.

Sentiment: My version of the Rydex Assets Ratio was higher at 7.34 which is historically a high number. The highest being 8.39 on 03/13. VIX closed at 11.58, close to 11.36 recorded on 05/23 which was the lowest since March 2013.

Supporting Charts (+ or – shown as implied bias for equities)
+ KEY Chart Financial Sector XLF: now printing above 22.04, its Major 1/2R level.
EURJPY: chart is printing below 140.96, the 1/2R off Dec high in a weak price location but Momentum (although negative) is up.
– Bonds TLT: last week printed its highest level since June last year and remains in a strong price location. Momentum (although positive) is down.
Dollar Index: strong price location above 79.76, the maj poc and on Monday printed its highest level since February.
Gold GLD: On Monday printed its lowest level since January.
Oil USO: probed the poc at 37.96 but has printed little time time above this Resisatance. Momentum (although positive) is down.
EURUSD: consolidating below 1.3673 (12mn poc) which is weak price location.