S&P 500 emini pre-open Wednesday 2nd July

posted 0848 a.m. est

See previous comments. First sign of weakness in the ST would be Effective Selling marked below ES 1949.00. Smallcaps (IWM) reached a new high intraday on Tuesday. Bonds (TLT) has turned weaker in the ST, see below, and Dollar (DX) index may also, see below.

ES First Level Support = 1949.00 (3mn poc)
ES LT Support = 1872.00 (maj poc)

Stocks>50dyma numbers: Nyse 80% (from 76%), Nasdaq 77% (from 71%), R2000 81% (from 75%). Numbers >50 are considered supportive.

Sentiment: My version of the Rydex Assets Ratio was slightly lower at 9.73. Last Thursday the ratio reached 10.07 which is the highest in my database.

Supporting Charts:
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 but weaker price location in the ST
below 112.96, 1/2R off May high.
Dollar Index: has sold off since early June but has stalled at the 79.76 maj poc Support. Dollar bulls would want to see this level hold. Momentum is negative.
Gold GLD: Printed a 53day high on Monday. In a strong price location as long as chart holds above 124.12, the 2yr poc.
Oil USO: printing above 37.96 in a strong price location. Momentum (although positive) is down.
EURUSD: The 12mn poc moved lower to 1.3532 recently and currently chart is holding that Support.