posted 9.22 a.m. est
Pre-open Tuesday 8th June
Significant Sellers were marked again on Monday. The Value Area was overlapping/lower, narrower and generated less volume so this was not Effective Selling as ES auctioned below the low (1070) of the 13day Value Area (grey on chart).
Longframe: You can see from the chart that the area around 1065 attracted time the last two days. This was a previous poc and could attract more time here. If it does then the major poc may migrate lower to this level. That would be a significant development.
First Level Resistance today is 1067 which is the cumulative poc last two days.
Second Level Resistance at 1082
Dayframe: 1055 is minor resistance today. Pre-open ES has printed as high as 1054.5. If this remains untested for a while after the open then then Monday’s low at 1047 will likely be tested today as the odds suggest it should.
ST entiment: My version of the Rydex Assets Ratio was down from 1.6 to 1.3.
Supporting Charts (technicals based on daily Price Oscillator)
? USDJPY: prints above the poc which migrated up slightly to 90.21.
– EURUSD: new four year low on Monday and prints below major support.
– UDX: currently printing above the daily chart resistance at 87.84. If UDX can hold above this level it is in a very strong position.
– TLT was sharply higher on Friday following support at the 95.22 poc. Price Osc turned back up.
imo these charts are bearish for equities at the moment.
