S&P 500 emini pre-open Friday 19th December

posted 09.15 a.m. est

Earlier in the week the major Time Support at 1962.00 held and subsequently Buyers have been active, auctioning ES above the 2mn poc at 2035.00. This is now First Level Support. Aggressive Buying was marked on Thursday. These green-at-top highs are tested 80% of the time within a day (or two) but that stat is less relaible following a session gap up. Never-the-less as long as ES holds above 2035.00 it is in a strong price location.
First Level Support = 2035.00 (2mn poc)
Second Level Support = 1962.00 (6mn poc) and SPY 197.20 (8mn poc)

Stocks>50dyma numbers: Nyse 63% (from 53%), Nasdaq 63% (from 56%), R2000 69% (from 63%). Numbers >50 are supportive.

Sentiment: My version of the Rydex Assets Ratio was higher at 11.1. The highest ratio in the database is 13.73 recorded at the start of the month and once again this needs to be watched with the ratio climbing again.

Supporting Charts:
Bonds TLT: down on Thursday but earlier in the week on Tuesday probed above the October high to print its highest level since August 2012. TLT remains in a LT strong price location above 117.14 (maj poc).
Dollar Index: held the minor Support at 87.70 (2mn poc) this week and following a strong day on Wednesday is currently printing close to the recent high.
Gold GLD: remains in a weak price location below the 119.87 maj poc.
Oil USO: last week broke below the extreme low of Feb 2009 and is lower this week.
EURUSD: probed the 4mn Time Resistance at 1.2475 on Tuesday but is lower from there and is today printing below the maj poc at 1.2300 and close to the recent low.