posted 6.45 a.m. et
pre-open comment Thursday 21st June
Wednesday was a very volatile day but chart held First Level Support at 1334.50 which is strong price location. ES printed an overlapping/lower, wider Value Area on increased Volume. Buyers have given Responsive Sellers the chance to appear over the last two days but so far they have not. If they do not make a mark today and ES holds that First Level Support then Buyers will likely step back in before the end of the week.
The current Key Charts have not yet managed to print above their Resistance levels which are IWM=79.00; QQQ=64.30.
%Stocks>50dyma numbers now print at 48%. Numbers above 50% would be the next positive for the market, this will likely happen with another Close higher.
First Level Support = 1334.50 (1/2R) SPY = 134.67
Second Level Support = 1314.50 (50dypoc)
Sentiment: My version of the Rydex Assets Ratio was higher at 3.70 (from 2.75). That’s quite an increase on the day and a 23day high for the ratio. 3.70 is a relatively low number compare to the levels reached over last three months but it looks like the Rydex traders are starting to buy the rally.
Supporting Charts (+ or – or ? for equities). UNCHANGED
(Momentum = daily PriceOsc)
? EURUSD: Chart printing below the Major poc at 1.2777 but momentum is up.
Chart has held the 1.2570 (minor poc) Support this week.
– Dollar Index: Prints well above the important level at 80.15 but momentum is down.
– TLT: momentum is down. On Monday the Chart failed at the minor Resistance at 127.50, the 1/2R off June high.
if there is an ST bias here for equities it is positive i.m.o
