S&P 500 emini pre-open Wednesday 28th January

S&P 500 emini pre-open Wednesday 28th January

popsted 09.02 a.m. est

On Tuesday ES printed a Value Area entirely below 2033.50, the 4mn poc. In the ST Bulls would want to see time spent back above that level. Pre-open ES prints just above that poc which could be intraday Support or Resistance today.

First Level S/R = 2033.50 (4mn poc)
Major Support = 1962.00 (6mn poc) and SPY 200.11 (8mn poc)

Stocks>50dyma numbers: Nyse 49% (from 52%), Nasdaq 45% (from 50%), R2000 48% (from 52%). Numbers >50 are supportive.

Sentiment: My version of the Rydex Assets Ratio was slightly higher at 10.75. In early December the ratio reached 13.73, the highest in the database.

Supporting Charts:
Bonds TLT: recently exceeded the 2012 high and on Tuesday printed a new high.
Dollar Index: on Friday printed its highest level since 2003.
Gold GLD: has rallied strongly this month and last week probed 124.12, the major poc, but has not yet printed time above this level which would be strong price location.
Oil USO: on 12/12 broke below the extreme low of Feb 2009 and on Monday printed a new low.
EURUSD: probed the 4mn Time Resistance at 1.2475 last month and is lower from there, printing below 1.2300, the maj poc, and on Monday printed its lowest level since 2003.