S&P 500 emini pre-open Monday 29th December

S&P 500 emini pre-open Monday 29th December

posted 08.53 a.m. est

No Significant Buying was marked last week and no Significant Selling has been marked for nine days. Mid-month ES made low on the maj Support (6mn poc) and rallied and last week the 3mn poc migrated to 2066.00. 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 = 2066.00 (3mn poc)
Second Level Support = 1962.00 (6mn poc) and SPY 197.20 (8mn poc)

Stock Index ETFs: Momentum (PriceOsc) is moving up for all four major indices. This indicator remains below zero for SPY, DIA and QQQ but hasturned positive for IWM (small caps). Key Chart IWM is probing the highs set in March and July and we should watch for rejection or breakout on this chart.

Breadth: CP Market Timing System is positive for all major Market Charts
Stocks>50dyma numbers: Nyse 68%, Nasdaq 65%, R2000 74%, UK 71% . Numbers >50 are supportive.

Sentiment: My version of the Rydex Assets Ratio ended the week at 12.26. Earlier in the month the ratio reached 13.73, the highest in the database.

Supporting Charts:
Bonds TLT: mid-month there was a probe above the October high to print the highest level since August 2012. Chart remains in a LT strong price location as long as it holds above 117.14 (maj poc).
Dollar Index: mid-month held the minor Support at 87.70 (2mn poc) and last 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 mid-month.
EURUSD: probed the 4mn Time Resistance at 1.2475 mid-month and is lower from there. Is today printing below 1.2300, the maj poc and last week printed its lowest level since August 2012.