Chartprofit Stock market report pre-open Monday 11th July
See previous, highlighted, comments. I wrote pre-open on Friday “ES has been ranging around 2087 for five days. Significant Sellers will often React at these points but have not done so yet. Unless Selling (red) is marked soon Buyers will look for them higher”. Aggressive Buying (green-at-top) was marked again on Friday as ES auctioned higher. One hour pre-open today ES has printed as high as 2133.
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. Time printed above this level would be a positive.
DAX Index: has today broken above 9660, the major poc and is in a stronger price location.
GBPUSD: the minor poc on this chart is at 1.3286 and GBPUSD is currently printing below that level.
Market Charts: All major Market Charts are positive.
Stocks>50dyma numbers: Nyse 64%, Nasdaq 62%, R2000 66%, UK 42%. Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio ended the week at 5.29, a six month high. Bear fund assets fell to a seven month low. These are contrarian indicators.
Supporting Charts:
Bonds: TLT closed at a new high on Friday.
Dollar Index: is currently printing above 96.21, the 1/2R off the December high. This is strong price location.
Gold: GLD printed a two year high last week.
Oil: USO – the 9mn poc migrated to 11.70 late last week. USO closed below that level on Friday and printed its lowest level since early May.
EURUSD: printing below 1.1313, the 4yr poc and currently below 1.11 which is weak price location.
click graphic to enlarge
