S&P 500 emini pre-open Friday 13th March

Thursday’s session generated a higher Value Area and Significant Buying was marked for the first time in eight days. These green-at-top highs are tested within a day (or two) 80% of the time. The previous one on 03/02 was not. The Support at 2033.50 has held so far. Price below this level would put the chart in a weaker price location. Momentum (PriceOsc) for the four major stock index ETFs is still down, Bulls would want to see these turn up.

First Level Resistance = 2107.00 (45day poc)
First Level Support = 2033.50 (4mn poc)
Major Support = 1962.00 (6mn poc) and SPY 200.11 (8mn poc)

Stocks>50dyma numbers: Nyse 51% (from 42%), Nasdaq 62% (from 55%), R2000 59% (from 48%). Numbers >50 are supportive.

Sentiment: SPY declined just over 3.5% from the recent high but the the Rydex Assets Ratio fell only 20%. That is a little concerning. More in today’s webcast. Thursday’s ratio was 11.19, a sixteen day low.

Supporting Charts:
Bonds TLT: reached a new high at the end of January but fell sharply from there to its lowest level this year last week. On Thursday is printed an eight day high.
Dollar Index: on Thursday printed its highest level since 2003. First Level Support is the 12mn poc at 94.67.
Gold GLD: on Wednesday printed its lowest level this year and close to the November low.
Oil USO: on 12/12 broke below the extreme low of Feb 2009 and fell sharply but rallied in early February. Currently printing below 18.6, the 1/2R off Jan low in a weak price location.
EURUSD: fell since May last year to major 1/2R Support at 1.1241. Chart held above that level through February but this month has broken that Support and is now printing below well January’s low.