posted 07.42 a.m. est
Thursday’s session generated a seventh consecutive Value Area above 2033.50 (4mn poc) which is strong price location if ES holds that level. Aggressive Buying (green-at-top) was marked for the second time this week. There has been no Aggressive Selling marked since 30th December.
First Level Support = 2033.50 (4mn poc)
Major Support = 1962.00 (6mn poc) and SPY 200.11 (8mn poc)
All four major stock index ETFs have positive and increasing Price Momentum (PriceOsc).
Stocks>50dyma numbers: Nyse 66% (from 59%), Nasdaq 60% (from 54%), R2000 59% (from 52%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was slightly higher at 11.53. In early December the ratio reached 13.73, the highest in the database.
Supporting Charts:
Bonds TLT: recently exceeded the 2012 high and on 01/30 printed a new high but printed a 22day low on Wednesday.
Dollar Index: on 01/23 printed its highest level since 2003. In recent webcasts I have talked about the possibility of a turn here for the dollar. 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 is down from that level printing a 22day low on Wednesday.
Oil USO: on 12/12 broke below the extreme low of Feb 2009 and fell sharply. Has rallied this month. Momentum (PriceOsc) is currently holding above zero.
EURUSD: has been declining since May last year and has reached major 1/2R Support at 1.1241. Currently holding that level.
