S&P 500 emini pre-open Wednesday 3rd December

posted 09.14 a.m. est

See previous highlighted comments. Aggressive Buying (green-at-top) was marked on Tuesday. ES tested the minor (14dy) poc but has not yet exceeded this level which is now 2067. Pre-open high today is 2066.75. Green-at-top highs are tested within a day (or two) 80% of the time. If that happens ES would be printing above that Resistance and would indicate higher in the ST despite the divergences between price/daily breadth indicators and the extreme bulls seen in the recent Sentiment data, below. First sign of LT weakness would be price printing below 2035.00.

ES First Level S/R = 2035.00 (2mn poc)
ES Second Level Support = 1962.00 (6mn poc)

Stocks>50dyma numbers: Nyse 67% (from 65%), Nasdaq 59% (from 55%), R2000 65% (from 60%). Numbers >50 are supportive.

Sentiment: My version of the Rydex Assets Ratio was lower at 12.11. Monday’s ratio at 13.73. is the highest in the database and historically this has been a warning for the market.

Supporting Charts:
Bonds TLT: has corrected this week but chart remains in a strong price location above 117.14 (maj poc).
Dollar Index: has today printed its highest level since March 09.
Gold GLD: Still in a weak price location below the 119.87 maj poc.
Oil USO: on Monday printed its lowest level since March 2009.
EURUSD: has today printed its lowest level since Aug 2012 but there is major Support a little lower at 1.2300