S&P 500 emini pre-open Monday 9th February

posted 09.16 a.m. est

Last week I marked Significant Buying once and no Significant Selling. The last three sessions generated Value Areas entirely above the 2033.50 poc. Breadth numbers (see below) and Price Momentum (see eBook) have both improved. As long as ES holds above 2033.50 it is in strong price location and Significant Buying marked above that poc would be a further positive.

First Level Support = 2033.50 (4mn poc)
Major Support = 1962.00 (6mn poc) and SPY 200.11 (8mn poc)

Breadth: CP Market Timing System turned positive for Nyse and R2000, turned neutral for Nasdaq and stayed positive for U.K.
Stocks>50dyma numbers: Nyse 61%, Nasdaq 56%, R2000 59%, UK 78%. Numbers >50 are supportive.

Sentiment: My version of the Rydex Assets Ratio ended the week at 10.85. In early December the ratio reached 13.73, the highest in the database.

Supporting Charts:
Bonds TLT: recently exceeded the 2012 high and on Friday printed a new high but on Friday printed an 18 day low.
Dollar Index: on 01/23 printed its highest level since 2003 and is today printing close to that high. In recent webcasts I have talked about the possibility of a turn here for the dollar. Watching levels on EURUSD (below) and AUDUSD in particular.
Gold GLD: rallied strongly last month and probed the Resistance at 124.12, the major poc, but has not printed time above that level.
Oil USO: on 12/12 broke below the extreme low of Feb 2009 and fell sharply. Has rallied this month and Momentum (PriceOsc) has just turned positive.
EURUSD: has been declining since May last year and has reached major 1/2R Support at 1.1241. Currently holding that level (just).