SPY reached a new all time high as did DIA.
On Tuesday SPY and DIA both printed a new all time high. I wrote pre-open last Thursday that Buyers “are in control and have the upper hand”. Since then ES has auctioned higher but we still see no mark-able sign of the (Significant) Sellers. Breadth numbers are supportive and Momentum (PriuceOsc) on the SPY chart is positive, see Pulse Chart.
First Level Support = 2087.00 (major poc)
Second Level Support = 2041.00 (poc of current distribution)
Key Charts:
FTSE100 Futures is today printing above the 6525 major poc in a strong price location.
DAX Index: broke above 9660 (major poc) on Monday and is today printer higher in a stronger price location.
Stocks>50dyma numbers: Nyse 79% (from 69%), Nasdaq 74% (from 68%), R2000 80% (from 72%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was slightly lower at 5.16. Down from Monday’s ratio at 5.38 which was a a six month high. This is a contrarian indicator.
Supporting Charts:
Bonds: TLT closed at a new high last week. Closed at a seven day low on Tuesday. Futures indicate a higher open today.
Dollar Index: is currently printing very close to 96.21, the 1/2R off the December high. Price above this level is strong location.
Gold: GLD printed a two year high last week. Closed at a seven day low on Tuesday. Cash indicates a higher open today.
Oil: USO – the 9mn poc migrated to 11.70 late last week. USO closed below that level on Friday and on Monday printed its lowest level since early May.
EURUSD: printing below 1.1313, the 4yr poc. And currently printing just below 1.11, the 1/2R off last year’s low.ng just below 1.11, the 1/2R off last year’s low.
click graphic to enlarge
