S&P 500 emini pre-open Thursday 5th February

posted 09.00 a.m. est

See previous highlighted comments. Wednesday’s session generated a higher, narrower Value Area entirely above the 2033.50 poc. As long as ES holds above this level it is in strong price location and Significant Buying marked above the poc would be a further positive.

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

Stocks>50dyma numbers: Nyse 55% (from 59%), Nasdaq 48% (from 49%), R2000 50% (from 54%). Numbers >50 are supportive.

Sentiment: My version of the Rydex Assets Ratio was slightly higher at 10.82. In early December the ratio reached 13.73, the highest in the database.

Supporting Charts:
Bonds TLT: recently exceeded the 2012 high and on Friday printed a new high but printed a 9 day low on Wednesday.
Dollar Index: on 01/23 printed its highest level since 2003. I have talked about the possibility of a turn here for the dollar in recent webcasts. Watching levels on EURUSD (below) and AUDUSD in particular.
Gold GLD: rallied strongly last month and probed the Resistance at 124.12, the major poc, but has not printed time above that level.
Oil USO: on 12/12 broke below the extreme low of Feb 2009 and last week printed a new low but currently up from thos lows.
EURUSD: has been declining since May last year and has reached major 1/2R Support at 1.1241. Currently holding that level.