Stock market today – 29th June Market pre-open
Tuesday’s session generated a higher Value Area and Aggressive Buying was marked. Pre-open today ES has rallied further to test the 2041 poc. I will not consider the long side unless Significant Buying is marked above this level.
First Level Support/Resistance = 2041.00 (poc)
Stocks>50dyma numbers: Nyse 31% (from 24%), Nasdaq 32% (from 23%), R2000 32% (from 26%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 4.7 (from 4.16). 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 and higher again oin Tuesday.
Dollar Index: 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: on Monday GLD closed at its highest level since July 2014.
Oil: on Monday USO printed its lowest level since early May but remains in an LT uptrend as long as it holds above 10.78.
EURUSD: fell sharply on Friday breaking below 1.1313, the 4yr poc and is today printing very close to 1.11, the 1/2R off last year’s low. Price below that level would put the chart in a weak price location.
click to enlarge graphic
