S&P 500 emini pre-open 24th February

posted 08.28 a.m. est

Monday’s session generated a higher, narrower Value Area. Significant Sellers have not been marked for seventeen days. The minor poc is at 2094.0 and this is now the minor Time Support. Only Significant Selling marked below 2033.50 would be the first sign of weakness for the LT trend.

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 69% (from 70%), Nasdaq 65% (from 66%), R2000 62% (from 63%). Numbers >50 are supportive.

Sentiment: My version of the Rydex Assets Ratio was higher at 11.91. In early December the ratio reached 13.73, the highest in the database.

Supporting Charts: UNCHANGED
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 last week.
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 last week.
Oil USO: on 12/12 broke below the extreme low of Feb 2009 and fell sharply. Has rallied this month.
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.