S&P 500 emini pre-open Tuesday 17th February

S&P 500 emini pre-open Tuesday 17th February

posted 07.50 a.m. est

Significant Buying was marked three times last week. Significant Selling has not been marked for twelve days. Friday’s session generated an eighth consecutive Value Area above 2033.50 (4mn poc) which is strong price location if ES holds that level.
First Level Support = 2033.50 (4mn poc)
Major Support = 1962.00 (6mn poc) and SPY 200.11 (8mn poc)

All four major stock index ETFs have positive and increasing Price Momentum (PriceOsc).

Breadth: CP Market Timing System is positive for all major Market Charts.
Stocks>50dyma numbers: Nyse 69%, Nasdaq 62%, R2000 62%. Numbers >50 are supportive.

Sentiment: My version of the Rydex Assets Ratio ended the week at 11.37. In early December the ratio reached 13.73, the highest in the database.

Supporting Charts:
Bonds TLT: reached a new high at the end of January but laower this month. Momentum (PriceOsc) is now negative and chart printed a 28day low on Friday.
Dollar Index: on 01/23 printed its highest level since 2003. 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 is down from that level and Momentum (PriceOsc) is negative.
Oil USO: on 12/12 broke below the extreme low of Feb 2009 and fell sharply. Has rallied this month. Momentum (PriceOsc) is currently holding above zero.
EURUSD: has been declining since May last year and has reached major 1/2R Support at 1.1241. Has held above that level for fifteen days now which is encouraging.