pre-open comment Wednesday 26th June
Tuesday generated a higher, narrower Value Area. I have yet to mark Significant Buying although the next level Support (given last week) has so far held on all the charts: ES 1548; SPY 155.80; DIA 144.24; QQQ 68.62; IWM 93.62.
%Stocks>50dyma numbers: Nyse 32%, Nasdaq 51%, R2000 49%. Numbers >50 are considered supportive.
Support = ES 1548 (11mn poc)
Sentiment: My version of the Rydex Assets Ratio was sharply lower at 2.78. This is now a multi-month low. From a contrarian perspective this is worth noting. The previous significant market correction ended in mid November with the Ratio as low as 2.57 at that point.
Supporting Charts
Bonds TLT: On Monday charted printed its lowest level since Sep 2011.
Oil USO: Printing below the 34.20 area of S/R. Momentum is positive but has turned down.
Gold GLD: Has today printed its lowest level since Aug 2010.
Silver SLV: Has today printed its lowest level since Aug 2010.
Dollar Index: Held maj Support which is the major poc at 80.15. Momentum is negative but up.
EURUSD: Momentum is positive but down. Has today broken below the minor Support at 1.3081, 1/2R off April low.
