S&P 500 emini pre-open Friday 27th February

posted 08.28 a.m. est

Dayframe: the minor (28day) poc has migrated to 2107.00 and this could be intraday Support or Resistance today. Significant Selling marked below this level would be the first sign of minor weakness. Only Significant Selling marked below 2033.50 would be the first sign of weakness for the LT trend.

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

Stocks>50dyma numbers: Nyse 65% (from 68%), Nasdaq 66% (from 65%), R2000 62% (unch). Numbers >50 are supportive.

Sentiment: My version of the Rydex Assets Ratio was almost unchanged at 11.5. Down from 12.53 two days ago which was a 37day high – there are only nine ratios higher than this is in the database with the highest being 13.73 in early December. On Tuesday VIX closed at 13.69, its lowest close since 5th December.

Supporting Charts:
Bonds TLT: reached a new high at the end of January but lower this month. Momentum (PriceOsc) is negative but up. There is Resistance at 132.20, the 1/2R off Jan high.
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 but chart is today printing close to that high. See EURUSD, below.
Gold GLD: since probing the Resistance at 124.12 (major poc) three weeks ago, GLD has given back nearly all of last month’s strong gains. There is Resistance at 117.62, the 1/2R off Nov low.
Oil USO: on 12/12 broke below the extreme low of Feb 2009 and fell sharply. Has rallied this month but pre-open prints in a weak price location below 18.6, the 1/2R off Jan low.
EURUSD: has been declining since May last year and has reached major 1/2R Support at 1.1241. Has held above that level all of this month but broke below it on Thursday.