That previously mentioned trapped supply at 2730 seemed to be playing out this week – this seemed like distribution. Take that with a grain of salt, because the bull is powerful and we know what happens when we get too into details that should matter.
Australian PM Turnbull speaks well without a fixed gaze at his notes. President Trump was not particularly rude or boorish -even as he was forced to listen to someone far more eloquent extol the virtues of mutual and varied interests.
Futures have moved higher following the press conference between the two leaders.
S&P/ES/SPY : 2742/2742.50/274.25 Last night’s ES, NQ and YM post-RTH futures spike was on low volume but presaged an ETH rebound and substantial cash session gains. As mentioned previously, the 2730 area looked like it was full of trapped sellers and this week’s methodical selling at that level seem to support this. If bulls can get price above the 50 day sma for a close, they might invigorate scared money that has been watching since the declines of last several weeks.
NYSE Internals
A-D Lines opened over +1600 and got over +1800 and with less than an hour to go they maintain the +1770 area. Uvol-Dvol started near flat and crept to a current high of +269 and climbing. A high opening TICK of 1524 has been followed by an uptrend in cumulative TICK since then. TRIN started above the neutral zone at the 1.3 area and is now slightly below at .92.
Implied Volatility
The VIX is down -10% today and VIX futures also took a hit in price. VXH8: 17.00. VXJ8: 17.05 VIX: 16.71
Open Interest
Sub 2700 put weighting increased again. The 2730 area looks caged in but there is not much resistance till 2750.
Equity Related Currencies and Crosses
The USD Index is essentially flat (+.12% 89.853)and so is USD/JPY at (-.03% and 106.727) and AUD/USD at (-.10% .78380)
Commodities
Gold GCJ8 is flat (-.08% at 1331.70). Copper futures HGH8 is down (-.1.06% or 3.2070) and Crude Light Futures CLJ8 has broken through 63.00 at (+1.27% at 63.57).
Debt/Bond/Treasury
ZNH8 has had an up day (+.22% at 120’220) and the 10 Year yield now sits about 2.87%.
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