Monday generated a lower, wider Value Area. ES auctioned lower to the Second Level Support at 2080.25 (1/2R off May high ) and rallied from there, see chart. This Support has so far held but ES printing below that level would be weaker price location.
Second Level Resistance = 2107.00 (poc)
First Level Resistance = 2095.00 (poc)
Support = 2080.25 (1/2R off May high )
Breadth numbers are not yet supportive.
Stocks>50dyma numbers: Nyse 37% (from 40%), Nasdaq 35% (from 38%), R2000 36% (from 38%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was lower at 9.76 (from 10.35). On 07/14 the ratio reached 8.67 which was an eight month low
Supporting Charts:
Bonds TLT: Momentum is positive and up. Closed on Monday at its highest level since April. Momentum (PriceOsc) is positive and up.
Dollar Index: as long as chart holds above 96.76, the 1/2R off March high, it is in a strong price location.
Gold GLD: closed on Monday close to the July low which was the lowest level since early 2010.
Oil USO: closed on Monday at a new low
EURUSD: is today printing very close to 1.0961, the 1/2R off March low. Price relative to this level would indicate ST strength/weakness. In the LT there is Resistance at 1.1340 (12mn poc)
