S&P 500 emini pre-open Thursday 19th February

posted 09.20 a.m. est

Wednesday’s session generated an overlapping Value Area for the first time in six days. Significant Sellers are still absent. Only Significant Selling marked below 2033.50 would be a first sign of weakness for the LT trend.

Dayframe: For ST traders it is worth monitoring 2091.0. Very little time would need to be spent here post-open to migrate the minor poc (7day) to this 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).

Stocks>50dyma numbers: Nyse 70% (from 69%), Nasdaq 65% (from 66%), R2000 64% (unch). Numbers >50 are supportive.

Sentiment: My version of the Rydex Assets Ratio was higher at 11.12. Up from previous day’s 10.04 which was a seventeen day low.

Supporting Charts:
Bonds TLT: reached a new high at the end of January but lower this month. Momentum (PriceOsc) is now negative and chart printed a 32day low on Tuesday.
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: since probing the Resistance at 124.12 (major poc) three weeks ago, GLD has given back nearly all of last month’s strong gains and printed a 30day low on Wednesday.
Oil USO: on 12/12 broke below the extreme low of Feb 2009 and fell sharply. Has rallied this month but five day low pre-open today.
EURUSD: has been declining since May last year and has reached major 1/2R Support at 1.1241. Has held above that level this month but prints close to that level.