S&P 500 emini pre-open Friday 2nd January

S&P 500 emini pre-open Friday 2nd January

posted 09.25 a.m. est

Dayframe: ES couldn’t recover above 2081 (dashed) and we have now seen a test of 2066.00, see previous highlighted comments. Aggressive Selling (red-at-bottom) was marked on Wednesday. The 4mn poc has migrated to 2070.00 and this is now First Level Resistance.

First Level Resistance = 2070.00 (4mn poc)
Major Support = 1962.00 (6mn poc) and SPY 197.20 (8mn poc)

Stocks>50dyma numbers: Nyse 61% (from 67%), Nasdaq 61% (from 63%), R2000 68% (from 71%). Numbers >50 are supportive.

Sentiment: My version of the Rydex Assets Ratio was lower at 12.06 but this is still an extremely high ratio- the highest being 13.73 recorded in December. Bear Fund assets that I follow fell to a new low earlier in the week.

Supporting Charts:
Bonds TLT: last 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: last month held the minor Support at 87.70 (2mn poc) and has today printed its highest level since April 2006.
Gold GLD: remains in a weak LT price location below the 119.87 maj poc and pre-open today is printing below 114.78, the 8mn poc.
Oil USO: on 12/12 broke below the extreme low of Feb 2009 and this week has printed a new low.
EURUSD: probed the 4mn Time Resistance at 1.2475 mid-month and is lower from there, printing below 1.2300, the maj poc, and today has printed its lowest level since June 2010.