S&P 500 emini pre-open Wednesday 25th June

posted 06.45 a.m. est

ES sold off on Tuesday after initially setting a new high. SPY closed at a six day low. Aggressive Selling was marked but an “outside” Value Area was generated which was almost entirely above 1949, the minor poc. So this is not yet Effective Selling. Even so, new short trades are eliminated for me, at least until Significant Buying is marked again.

Dollar Index and Bonds (TLT) have held LT strong price location which is a LT concern for equities, see below. See also Sentiment, below.

As mentioned, Momentum for all four Stock Index ETFs (although positive) is down. Bulls would want to see these pick up again. Difficult to find local Support levels here, 114.00 (1/2R) on the IWM chart is the most obvious.

ES First Level Resistance = 1949.00 (37dy poc)
ES LT Support = 1872.00 (maj poc)

Stocks>50dyma numbers: Nyse 71% (from 76%), Nasdaq 62% (from 68%), R2000 64% (from 69%). Numbers >50 are considered supportive.

Sentiment: My version of the Rydex Assets Ratio reached 9.63 on Tuesday which is the highest in my database

Financial Sector XLF: 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.
Bonds TLT: Remains in a strong LT price location. Momentum (although negative) has turned up.
Dollar Index: Holds a strong price location above 79.76, the maj poc.
Gold GLD: LastThursday Gold posted its biggest one day jump in nine months and GLD now prints in a strong/stronger price location above 124.12, the 2yr poc. Consolidation above this level this level would be a sign of further strength.
Oil USO: printing above 37.96 in a strong price location and approaches the September high at 39.54.
EURUSD: last week the 12mn poc moved lower to 1.3532 and currently chart is holding that Support.