Pre-open comment Wednesday 24th June
Tuesday generated a second Value Area above 2107.00 (10mn poc).
As long as ES prints above 2107.00 it is in a strong price location but time spent below 2095.00 would be weak price location and a negative.
Dayframe: the minor poc (14day) is at 2116.00 and could be a useful level to monitor intraday.
First Level Support = 2107.00
Second Level Support = 2095.00
Momentum (PriceOsc) although still negative for DIA, SPY and QQQ has turned up. IWM is positive and up.
Stocks>50dyma numbers: Nyse 50% (from 49%), Nasdaq 65% (from 64%), R2000 63% (from 62%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was lower at 9.61. Friday’s ratio at 8.78 was a seven month low.
Supporting Charts:
Bonds TLT: closed on Tuesday below 117.14, the maj poc. Price below this level is weak location.
Dollar Index: printing back above 94.67, the 12mn poc, in a stronger price location.
Gold GLD: in May a probe into the Resistance at 117.60, the 1/2R off the November low, was rejected. Price above this level would be first sign of LT strength.
Oil USO: Last week the 16mn poc migrated to 20.24. USO closed just above that level on Tuesday.
EURUSD: is today printing below 1.1340, the 12mn poc
