The emini S&P 500 reached the 2087 major poc area of Resistance and has stalled.
Price moving into these long-term levels of Value will often slow and find the area of price attractive. Even so, price relative to 2087 can be used a guide to strength/weakness. If Significant Buying (green) is marked above that point it would likely indicate the start of a further drive higher and the opposite indication if Significant Selling (red) is marked below that point. Note that in the last seven days Significant Buying has been marked four times and no Significant Selling. This would suggest that Buyers as the Active (and currently Effective) market participant are in control and have the upper hand.
First Level Support/Resistance = 2087.00 (major poc)
Second Level Support = 2041.00 (poc of current distribution)
Key Charts:
FTSE100 Futures stalled at the 6525 major poc. Time printed above this level would be a positive.
GBPUSD: the minor poc on this chart is at 1.3286 and GBPUSD is currently printing below that level.
DAX Index: broke below 9660, its major poc, on Tuesday. Weak location.
Stocks>50dyma numbers: Nyse 52% (from 48%), Nasdaq 47% (from 44%), R2000 50% (from 46%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was lower at 4.59 (from 4.98). The highest ratio since very early this year was reached on 04/26 at 5.27. On 02/19 the ratio fell to 2.64 which was the lowest since November 2012.
Supporting Charts:
Bonds: TLT closed at a new high on Wednesday.
Dollar Index: currently printing close to 96.21, the 1/2R off the December high. Price above that level would be strong price location. Price below 95.25, the two year poc, would be weak price location.
Gold: GLD closed at a two year high on Wednesday.
Oil: USO – the 9mn poc migrated to 11.70 late last week. USO closed below that level on Wednesday.
EURUSD: printing below 1.1313, the 4yr poc. Price below 1.11 would be a weak price location and currently chart is printing at that level.
click graphic to enlarge
