S&P 500 emini pre-open Wednesday 8th October

Note: this was published at 06.05 a.m. est

Following Monday’s Reactive Selling, I marked Aggressive Selling on Tuesday. An early probe above First level Resistance at 1949 was rejected and the Value Area was generated entirely below this level. Enough time was spent at 1949 during the session and before to migrate the 4mn poc to that level which is now First Level Resistance.

ES First Level Resistance = 1949.00 (poc)
ES Major Support = 1872

Stocks>50dyma numbers: Nyse 15% (from 21%), Nasdaq 19% (from 26%), R2000 14% (from 20%). Numbers >50 are supportive.

Sentiment: My version of the Rydex Assets Ratio was lower at 7.42. The highest ratio in my database was 10.47 on 07/29.

Supporting Charts:
Bonds TLT KEY Chart: printing above 117.15 (maj poc) in a strong price location. iDollar Index: Printed a new four year high on Friday.
Gold GLD: Last week the chart tested the Jan 2014 and June 2013 lows and is currently holding this proven chart Support. Therefore price below last week’s low may spark another round of selling.
Oil USO KEY Chart: Sold-off since mid June and found Support at 34.17 (1/2R off 2009 low). This was broken last week and price printing time below this level is very weak location.
EURUSD: Earlier in the month chart broke below 1.3066 (3yr poc) and on Friday printed a new two year low.