Pre-open Stock market report 28th June 2016
ES was lower again on Monday. Pre-open today ES has rallied back above 2010 but I will not consider the long side unless Significant Buying is marked above 2041.
First Level Resistance = 2041.00 (poc)
Stocks>50dyma numbers: Nyse 24% (from 37%), Nasdaq 23% (from 37%), R2000 26% (from 41%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was slightly higher at 4.16 (from 4.04). Ratio is higher as the market fell – that’s a little concerning. On 02/19 the ratio fell to 2.64 which was the lowest since November 2012.
Supporting Charts:
Bonds: spiked much higher on Monday to a new high.
Dollar Index: Lower today and currently printing below 96.21, the 1/2R off the December high. Price above that level would be strong price location. Price below 95.25, the two year poc, would be weak price location.
Gold: GLD closed at its highest level since July 2014. Cash indicates a lower open today.
Oil: USO printed its lowest level since early May but remains in an LT uptrend as long as it holds above 10.78. Futures indicate a higher open today.
EURUSD: fell sharply on Friday breaking below 1.1313, the 4yr poc and is today printing below 1.11, the 1/2R off last year’s low in a weak price location.
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