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

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

Note: we are now following the ES June contract as of this week.

See previous highlighted comments. The 7month poc has migrated to 2066.50 and this is now First Level Support. As long as ES holds above this level it is in a strong price location. First Level Resistance is the 50dy poc at 2107.00 and interestingly the Mar contract has stalled at this level.

Momentum (PriceOsc) has now turned up for IWM (smallcaps), SPY and DIA. Breadth has improved, see below.

First Level Resistance = 2107.00 (50day poc)
First Level Support = 2066.50 (7mn poc)

Stocks>50dyma numbers: Nyse 62% (from 52%), Nasdaq 62% (from 60%), R2000 64% (from 60%). Numbers >50 are supportive.

Sentiment: My version of the Rydex Assets Ratio was unchanged at 11.52.

Supporting Charts:
Bonds TLT: Has now retraced slightly more than 50% of the recent decline and on Wednesday closed at a 28 day high.
Dollar Index: Last week 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.
Oil USO: on Monday broke below January’s low and on Wednesday reached a new low.
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 well below January’s low.