Pre-open Tuesday 5th August
On Monday ES found low at the Support at 2080.25 (1/2R off May high ) and has rallied from there. Pre-open today ES has printed above 2100. Price printing time above the 2107.00 Resistance would be a positive and strong price location.
Resistance = 2107.00 (poc)
First Level Support = 2095.00 (poc)
Second Level Support = 2080.25 (1/2R off May high )
Breadth numbers are not yet supportive.
Stocks>50dyma numbers: Nyse 37% (unch), Nasdaq 37% (from 35%), R2000 37% (from 36%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 9.96. On 07/14 the ratio reached 8.67 which was an eight month low
Supporting Charts:
Bonds TLT: On Monday reached its highest level since April. Momentum (PriceOsc) is positive and up.
Dollar Index: as long as chart holds above 96.76, the 1/2R off March high, it is in a strong price location.
Gold GLD: closed on Tuesday close to the July low which was the lowest level since early 2010.
Oil USO: has reached a new low this week
EURUSD: is today printing below 1.0961, the 1/2R off March low in a weak price location. Price relative to this level would indicate ST strength/weakness.
