posted 9.22 a.m. et
pre-open comment Wednesday 20th June
On Tuesday, ES printed a higher/narrower Value Area generating less Volume. Chart has climbed a long way in just two weeks and may need to pause but as long as First Level Support holds and today’s Key Charts (below) confirm, this is strong price location.
During yesterday’s session SPY broke above its 1/2R Resistance at 134.67 (now Support).
%Stocks>50dyma numbers now print at 47%. Numbers above 50% would be the next positive for the market, this will likely happen with another Close higher.
First Level Support = 1334.50 (1/2R) SPY = 134.67
Second Level Support = 1307 (poc) SPY = 131.93 (poc)
Key Charts today are:
1) IWM which has reached Resistance at 79.00. This is a previous poc and very close to the 1/2R off this years high.
2) QQQ has reached 1/2R off this years high at 64.30.
Sentiment: My version of the Rydex Assets Ratio was lower at 2.75, from 3.04. Looks like the Rydex traders don’t trust this rally and that’s not usually ST bearish (contrarian).
Supporting Charts (+ or – or ? for equities).
(Momentum = daily PriceOsc)
? EURUSD: Chart printing below the Major poc at 1.2777 but momentum is up.
Chart held the 1.2570 (minor poc) Support this week.
– Dollar Index: Prints well above the important level at 80.15 but momentum is down.
– TLT: momentum is down. Chart failed at the minor Resistance at 127.50, the 1/2R off June high.
if there is an ST bias here for equities it is positive i.m.o
