Chartprofit pre-open Monday 22nd December

posted 09.12 a.m. est

Last week the major Time Support at 1962.00 held and subsequently Buyers were active, auctioning ES above the 2mn poc at 2035.00. This is now First Level Support and as long as ES holds above this level 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)

Breadth: CP Market Timing System turned back to neutral for Nyse and back to positive for Nasdaq, R2000 and UK.
Stocks>50dyma numbers: Nyse 65%, Nasdaq 62%, R2000 69%, UK 66%. Numbers >50 are supportive.

Sentiment: My version of the Rydex Assets Ratio ended the week at 11.47. Earlier in the month the ratio reached 13.73, the highest in the database and once again this needs to be watched with the ratio climbing again.

Supporting Charts:
Bonds TLT: last week 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: early last week held the minor Support at 87.70 (2mn poc) and later in the week printed its highest level since April 2006.
Gold GLD: remains in a weak price location below the 119.87 maj poc.
Oil USO: on 12/12 broke below the extreme low of Feb 2009 and remains close to the new low printed last week.
EURUSD: probed the 4mn Time Resistance at 1.2475 on Tuesday but is lower from there and is today printing below 1.2300, the maj poc.